Sundaram Fasteners Q4 profit jump 67%

Automobile spare parts maker Sundaram Fasteners has reported 67.4% increase in net profit at Rs 27.45 crore for the fourth quarter ending March 31, 2014.

The Chennai-based company had reported a net profit of Rs 16.39 crore for the same period of previous year, Sundaram Fasteners said in a BSE filing.

Total income from operations for the fourth quarter ending March 31, 2014 grew to Rs 520.62 crore from Rs 481.68 crore registered during the same period of previous year.

For the year ending March 31, 2014 the net profit grew by 29.3% to Rs 120.89 crore, from Rs 93.46 crore in 2012-13.

Total income from operations increased to Rs 2,736.20 crore in 2013-14 from Rs 2,650.99 crore in 2012-13, the company that manufacturers of powder metal parts, radiator caps and gear shifters for automobiles said.

Sales for the year ending March 31, 2014 include exports of Rs 760.75 crore compared to Rs 678.25 crore registered during the corresponding period of previous year.

The Board of Directors have recommended an interim dividend of Re 1 per share for the financial year ending March 31, 2014.

Despite the downturn experienced in the domestic market, the company was able to maintain its overall operating revenue and other income through an improved performance in exports.

Exports sales constitute 38% of total sales of the company, it said.