Sundram Fasteners report consolidated profit at Rs 128.74 cr in Q1

Auto components maker Sundram Fasteners Ltd on Thursday reported a consolidated profit for the April-June quarter at Rs 128.74 crore, the company said on Thursday.

The city-based firm registered a consolidated profit at Rs 138.03 crore during the corresponding quarter of last year.

For the year ending March 31, 2023 the consolidated profit stood at Rs 500.35 crore.

The company, in a BSE filing said, it incurred capital expenditure for the quarter that ended June 30, 2023 in line with its planned capital expenditure of Rs 300 crore for the financial year 2023-24.

Total income on a consolidated basis for the quarter under review was Rs 1,415.27 crore as against Rs 1,421.70 crore recorded in the same period of last year.

For the year ending March 31, 2023, the consolidated total income stood at Rs 5,707.60 crore.

The domestic sales (on a standalone basis) for the quarter under review were at Rs 821.97 crore as against Rs 798.50 crore during the previous year.

Export sales were impacted by the slowdown in the United States market. Sales made overseas during the quarter ending June 30, 2023, were to the tune of Rs 347.99 crore as against Rs 405.76 crore recorded last fiscal.

The Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter ending June 30, 2023 was Rs 197.31 crore as against Rs 214.86 crore registered in the same period of last year.

Despite headwinds in the export markets, the company has maintained its EBITDA margin at 16.2 per cent. The softening of commodity prices and favourable product mix has resulted in improvement in gross margin from 54.5 percent to 55.8 percent, the company said.