Sundram Fasteners Q1 net loss at Rs 25.43 cr, income dips to Rs 381.80 cr

Sundram Fasteners Ltd on Wednesday said it has recorded a consolidated net loss of Rs 25.43 crore for the quarter ending June 30, 2020 following the unprecedented challenges bought by the Covid-19 pandemic during the period.

The city-based company had registered consolidated profits of Rs 96.89 crore during the corresponding quarter of the previous year.

For the year ending March 31, 2020 consolidated profits was Rs 326.53 crore.

In a statement, the company said that based on the central and state government directives,it gradually resumed operations across all plant locations in May.

During the quarter under review, the company witnessed truncated operations in May and June 2020, it said.

The consolidated total income for the quarter ending June 30, 2020 stood at Rs 381.80 crore as against Rs 1,185.24 crore registered a year ago.

For the year ending March 31, 2020 consolidated total income was Rs 3,751.32 crore.

Of the total revenue from operations, sales from exports for the quarter under review was at Rs 135.02 crore as against Rs 348.28 crore registered in the same quarter last fiscal.

Sundram Fasteners Ltd recorded positive earnings before depreciation and taxes despite challenging market conditions due to stringent cost control measures, the statement said.

On a consolidated basis, the earnings before depreciation and taxes for the quarter ending June 30, 2020 was Rs 12.35 crore against Rs 182.87 crore registered in the same quarter last fiscal,the statement added.