Sundram Fasteners 4qtr standalone net up 15% to Rs 109.54 cr

Sundram Fasteners Ltd, part of the diversified conglomerate TVS Group, has posted a 15 per cent rise in its fourth quarter standalone net profits ending March 31, 2019 at Rs 109.54 crore as compared to Rs 95.22 crore registered a year ago.

For the year ending March 31, 2019 standalone profits surged to Rs 437.12 crore, from Rs 367.47 crore recorded last fiscal.

Total income for the January-March 2019 quarter went upto Rs 1,015.82 crore, from Rs 968.36 crore registered year ago.

For the year ending March 31, 2019 total income grew to Rs 4,034.28 crore, from Rs 3,502.34 crore registered same period of previous year.

In a notification to stock exchanges, the company said its operating revenue crossed the Rs 4,000 crore mark to Rs 4,002.34 crore as against Rs 3,419.79 crore (last fiscal).

Domestic sales, net of excise duties were at Rs 2,469.15 crore as against Rs 2,146.76 crore, on the back of increase in production of commercial vehicles.

The company expanded the dealer network in aftermarket segment to increase sales penetration in industrial segments.

Export sales were at Rs 1,382.99 crore as against Rs 1,168.14 crore registered an increase of 18.4 per cent due to volume growth accompanied by a favourable exchange rates.

The company incurred Rs 442 crore towards capital expenditure in order to augment capacities for meeting the increase in volume of business and in tandem with production plans of key customers.

Sundram Fasteners has set up a new unit at Mahindra World City (Unit III) and it has commenced operation in January. The unit manufactures and exports high end parts forged and machined with close tolerances for cross-overs and mini-trucks.

The company's I and II unit at Mahindra World City were fully operational.

Besides, the SEZ units, the company was in the process of setting up a new SEZ unit at Sri City in Tada, Andhra Pradesh to manufacture high-precision engineering components.

"It will be used as a hub to consolidate our foray into non-auto segment including off-road vehicles for export business," the statement said.

The Board during the year 2018-19 declared an interim dividend of Rs two per share and the same was paid in November 2018.

The directors have decided to pay a second interim dividend of Rs 3.10 per share which together with the interim dividend declared and paid earlier would amount to a total dividend of Rs 5.10 per share for FY2018-19, it added.