Sundaram Fasteners Q1 net rises 96% to Rs 76 cr

Sundaram Fasteners, part of the USD 6 billion TVS Group, has reported a 96.1 per cent rise in first quarter standalone net profit at Rs 75.55 crore.
The Chennai-based auto-component manufacturer, had posted a standalone net profit of Rs 38.51 crore during the earlier quarter last year, Sundaram Fasteners said in a BSE filing.
Total revenue from operations jumped 12.8 per cent to Rs 713 crore from Rs 631.94 crore for the same period of previous year.
The earnings before interest, depreciation and taxes has increased to Rs 139.96 crore for the April-June quarter from Rs 94.70 crore registered during same period of previous year.

The EBIDTA grew in the backdrop of volume growth, product mix and specific cost reduction initiatives, it said.
While domestic sales during the quarter ending June 30 grew by 15.1 per cent, to Rs 455.25 crore as against Rs 395.64 crore, sales on the export front during the period went upto Rs 246.52 crore from Rs 225.81 crore registered during corresponding period of previous year.

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.
Meanwhile, in another notification to stock exchanges, the company said Venu Srinivasan, the Non-Executive Non-Independent Director has resigned from the Board with immediate effect due to "personal reasons".

"His resignation has been taken on record by the Board of directors of the company at its meeting held today," it said.