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The order entails supplying loose child parts for final assembly as per the purchase order (PO). The PO for the supply of goods will be initiated by the company in the calendar year 2023. The sale of goods and support services will be provided throughout the project's lifespan.
JTEKT Brasil is a group company of JTEKT Corporation, Japan. The Holding Company of JTEKT India is JTEKT Corporation, Japan. Hence, JTEKT Brasil and JTEKT India are related parties.
JTEKT India is a part of JTEKT Corporation Japan and operates as part of JTEKT Group India. It is engaged in the business of manufacturing / production, supply and sale of steering systems, viz. steering gears, columns and RPS assemblies, axle assemblies and other auto ancillaries to almost all Indian passenger car and utility vehicle manufacturers.
The company's consolidated net profit declined 2.70% to Rs 27.02 crore despite a 2.26% rise in sales to Rs 583.88 crore in Q2 FY24 as compared with Q2 FY23.
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