A day after her son Sudarshan Venu was elevated as Managing Director of TVS Motor Company, Venu Srinivasan’s daughter, Lakshmi Venu (38), took over as CEO of Sundaram Clayton (SCL), a major component manufacturer automobiles.
Lakshmi Venu, a graduate of Yale University, holds a PhD in engineering management from the University of Warwick and has been co-CEO of SCL since September 2014.
She was the lead architect in establishing Sundaram Clayton’s global footprint. His decision to establish a foundry in the United States three years ago in 2019 in Dorchester, South Carolina, was almost prescient, as most US-based customers were looking for foundry units ashore to reduce risk. supply chain and reduce carbon footprint, according to a company statement.
“Lakshmi brings a deep understanding of customers and has developed strong relationships with global clients. She successfully strategized to have a global footprint to create a competitive advantage. I am confident that it will continue to transform Sundaram-Clayton into a world-class automotive component manufacturer,” said R Gopalan, Chairman of Sundaram-Clayton.
She managed the turnaround of Sundaram Clayton into a globally competitive foundry and built deep customer relationships with Cummins, Hyundai, Volvo, Paccar and Daimler.
“Lakshmi’s focus and dedicated efforts over the past ten years have enabled the company to turn around in terms of quality, profitability and OEM relationship building. She spearheaded the establishment of our operations in the United States, which began operations recently. We are confident that under his leadership, Sundaram-Clayton will see global growth,” said Venu Srinivasan, Chairman Emeritus of Sundaram-Clayton.
Results for fiscal year 22
On a standalone basis, the company’s FY22 net profit was ₹2,276.69 crore, compared to ₹75.84 crore for FY21. Its FY22 net profit was boosted by a exceptional income of ₹2,122.60 crore, which included a profit of ₹2,094.43 crore from the sale of shares, representing a 7.14% stake in its subsidiary, TVS Motor Company and interest income of ₹47 ₹.92 crore stemming from investments, among others. Own source revenue for FY22 was ₹1,743 crore (from ₹1,177 crore).
For the quarter ended March 31, 2022, SCL recorded a standalone net profit of ₹722 crore, including exceptional items, compared to ₹83 crore for FY21. Its operating revenue was ₹497 crore ₹ vs. ₹405 crore.
May 06, 2022