Sundram Fasteners 4qtr standalone net up 8.62%

Sundram Fasteners Ltd, part of the diversified conglomerate TVS Group, has recorded a 8.62 per cent rise in its standalone net profits for the fourth quarter ending March 31, 2018 at Rs 95.22 crore.

The city-based company had registered standalone net profits at Rs 87.66 crore during corresponding period of last year.

For the financial year ending March 31, 2018, standalone profits surged 16.47 per cent to Rs 367.47 crore from Rs 315.48 crore registered during year-ago period.

The standalone total income for the January-March 31, 2018 quarter went up to Rs 962.79 crore, from Rs 848.12 crore registered during corresponding period of last year.

For the year ending March 31, 2018 the standalone total income grew to Rs 3,478.66 crore, from Rs 3,184.46 crore registered during corresponding period of last year.

In a press release, the company said domestic sales, net of excise duties for the year ending March 31, 2018 were at Rs 2,146.76 crore, as against Rs 1,836.61 crore registered during same period of last year.

It was due to increase in production of passenger vehicles, utility vehicles, light commercial vehicles and two- wheelers.

Export sales for the year ending March 31, 2018 were at Rs 1,144.46 crore, as against Rs 1,044.11 crore registered during same period of last year.

"The company has enjoyed a double digit compounded annual growth rate of sales for the last five years," the statement said.

The board had earlier during the year ending March 31, 2018, declared an interim dividend of Rs 1.90 per share (190 per cent) and it was paid to share-holders in November 2017.

The directors have decided to pay a second interim dividend of Rs 2.70 per share (270 per cent) which together with the interim dividend declared and paid earlier would amount to a total dividend of Rs 4.60 per share (460 per cent) for the financial year ending March 31, 2018.

Shares of the company were trading at Rs 589.90 apiece down by 1.16 per cent over previous close in BSE.