Financial Daily from THE HINDU group of publications
Tuesday, Feb 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 01, 2005 |
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Corporate Results
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Automobile Components Sundram Fasteners doubles Q3 net Our Bureau
Chennai , Jan. 31 A RS 11.76-crore gain arising out of foreign exchange fluctuation was mainly responsible for the 100 per cent increase in Sundram Fasteners' net profit for the quarter ended December 2004. The company reported a net profit of Rs 24.75 crore for the quarter, as against Rs 12.03 crore in the comparable quarter of last year. While forex gains were a key reason for the growth in profit, a few other factors have also helped. Buoyancy in exports, price revisions with retrospective effect and the effect of amalgamation of the erstwhile TVS Autolec have enabled Sundram Fasteners beat the impact of steel price increase. But the company cautioned in a press release that it is not appropriate to compare the results for the quarter with those of the same quarter of previous year, because the results of the quarter under review include the operations of the erstwhile TVS Autolec. Turnover for the quarter stood at Rs 247.67 crore (Rs 139.46 crore), of which Rs 65.76 crore (Rs 27.74 crore) came from exports. In the nine months ended December 2004, Sundram Fasteners achieved a turnover of Rs 683.72 crore as against Rs 396.44 crore in the year-ago period. Net profit was Rs 51.09 crore (Rs 39.79 crore). The company also observed in a press release that since the prices of steel and petro-products further increased in 2004-05, the margins continue be under pressure.
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