 "Sundram Fasteners extends rally as Q1 profit almost doubles")
Sundram Fasteners extended gains to jump 10% to Rs 234 after surge of over 10% in the previous session on the BSE because of robust June quarter earnings.
The company's net profit nearly doubled to Rs 75.55 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of strong operational performance.
TVS Group Company engaged in auto parts & equipment business had profit of Rs 38.51 crore during the same period in the previous year.
Total revenue from operations during the quarter jumped 12.8% to Rs 713 crore from Rs 631.94 crore in the corresponding quarter of previous year.
The EBITDA (earnings before interest, depreciation and taxes) margin expanded 465 basis points to 19.63% from 14.98%, due to volume growth, product mix and specific cost reduction initiatives.
Noting that the company was actively investing in other automotive component verticals, the company said, continued prospect of sourcing of domestic auto components from United States augurs well for overseas market.
The stock trading at its lifetime high, rallied 22% in past two trading sessions, as compared to 0.89% fall in the S&P BSE Sensex.
The trading volumes on the counter surged more than four-fold with a combined 1.4 million shares changed hands on the BSE and NSE till 10:19 am.
The company's net profit nearly doubled to Rs 75.55 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of strong operational performance.
TVS Group Company engaged in auto parts & equipment business had profit of Rs 38.51 crore during the same period in the previous year.
Total revenue from operations during the quarter jumped 12.8% to Rs 713 crore from Rs 631.94 crore in the corresponding quarter of previous year.
The EBITDA (earnings before interest, depreciation and taxes) margin expanded 465 basis points to 19.63% from 14.98%, due to volume growth, product mix and specific cost reduction initiatives.
Noting that the company was actively investing in other automotive component verticals, the company said, continued prospect of sourcing of domestic auto components from United States augurs well for overseas market.
The stock trading at its lifetime high, rallied 22% in past two trading sessions, as compared to 0.89% fall in the S&P BSE Sensex.
The trading volumes on the counter surged more than four-fold with a combined 1.4 million shares changed hands on the BSE and NSE till 10:19 am.
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