Sundram Fasteners Q2 net dips to Rs 111 cr, income grows to Rs 1,225 cr

Auto-components manufacturer Sundram Fasteners Ltd has reported a standalone profit of Rs 111.75 crore for the July-September 2022 quarter, according to the Chennai-based company on Wednesday.

Its standalone profit was Rs 120.16 crore during the corresponding quarter last year.

For the half-year ending September 30, 2022, the standalone profit went up to Rs 241.86 crore from Rs 232.71 crore last year. The total income grew to Rs 1,225.85 crore from Rs 1,064.29 crore.

For the six-month period ending September 30, 2022, the income stood at Rs 2,472.07 crore against Rs 2,012.64 crore.

The domestic sale during the quarter under review was Rs 802.45 crore against Rs 663.26 crore last year. Exports were Rs 377.78 crore against Rs 362.81 crore.

"Despite the impact of heavy inflationary pressures experienced in the raw material costs, the company has sustained earnings before interest, depreciation and taxes for the quarter ending September 30, 2022 at Rs 193.22 crore as against Rs 200.95 crore in same period of last year," the company said.

Its board declared an interim of dividend of Rs 3.57 per share (357 per cent) for 2022-2023. It declared also an additional special dividend of Rs 2 per share (200 per cent) to commemorate the 60th year of the incorporation of the company.

The Board approved the scheme of amalgamation of Sunfast TVS Ltd and TVS Engineering Ltd with Sundram Fasteners Ltd and their respective shareholders.

"The amalgamation will facilitate operational synergies, efficient allocation of capital and integration of the defence and aerospace business of the company," the firm said.