Auto-component maker Sundram Fasteners' Q3 net profits at Rs 116.19 cr

Auto-component maker Sundram Fasteners Ltd has reported a standalone net profit of Rs 116.19 crore, for the October-December 2023 quarter, the company said.

The company had registered a standalone net profit of Rs 106.13 crore, during the corresponding quarter of last year.

Net profits on a standalone basis for the nine-month period ending December 31, 2023 stood at Rs 346.65 crore as against Rs 347.99 crore registered year ago.

The standalone total income during the quarter under review was Rs 1,204.92 crore, as against Rs 1,236.18 crore registered in the same period of last year.

Total standalone income for the nine month period ending December 31, 2023 slipped to Rs 3,661.50 crore, from Rs 3,708.25 crore registered in the same period of last year.

In a statement, the company said the revenue from operations was Rs 1,180.62 crore, for the quarter ending December 31, 2023 as against Rs 1,226.87 crore during the same period in the previous year.

Domestic sales during the quarter under review was Rs 812.46 crore, as against Rs 813.38 crore recorded in the corresponding quarter of last year.

Exports sales for the quarter ending December 31, 2023 stood at Rs 339.15 crore, as against RS 364.64 crore recorded year ago.

"The earnings before interest, depreciation and taxes (EBITDA) for the quarter ending December 31, 2023 was at Rs 201.19 crore, as against Rs 188.20 crore during the same period in the previous year. The company has improved the EBITDA margin at 16.80 per cent as against 15.10 per cent during the same period in the previous year", it said.

This has been due to stringent cost control measures and improvement in operational efficiency, the company added.

Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the company has recorded a net profit of Rs 116.19 crore for the quarter ending December 31, 2023 as against Rs 106.13 crore during the previous year.

The company has entered into a memorandum of understanding with the Tamil Nadu government for the proposed investment of Rs 1,411 crore in the factories in the state.

The planned investments span upto 2027-28 and would be used for capacity expansion of existing products, including components for electric vehicles, the statement added.