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Chennai Jan 29 Sundram Fasteners has reported 74 per cent growth in for third-quarter net profit to Rs 20.94 crore, up from Rs 12.02 crore in the corresponding previous period.

Profit before tax almost doubled to Rs 32.18 crore (Rs 17.38 crore). The company had to provide Rs 10.42 crore towards taxation (Rs 2.71 crore).

Turnover for the quarter rose to Rs 304.49 crore (Rs 265.09 crore). Increase in exports contributed Rs 10 crore to the increase.

Employee costs rose to Rs 26.17 crore (Rs 20.87 crore).

Interest and financial charges fell to Rs 3.39 crore (Rs 14.81 crore).

During the third quarter last year, Sundram Fasteners was hit by fluctuation in foreign exchange because of rupee depreciation, increasing the rupee value of loans repayable. (The value of the loans is charged to the profit and loss account, but is not a cash outgo.)

A release said that the company had allotted bonus shares in the 1:1 ratio to shareholders whose names appeared in the Register on January 5.

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