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Our Bureau

Chennai, July 30 What the strong rupee took away in export sales, it gave back in exchange gains on forex loans. Sundram Fasteners has reported a net profit of Rs 25.55 crore for the April-June quarter of the current year, 41 per cent higher than Rs 18.02 crore achieved in the same quarter last year. Exports fell 13 per cent to Rs 76.43 crore (Rs 88.21 crore). However, the company made a gain of Rs 11.39 crore against a loss of Rs 9.60 crore due to rupee-dollar rate fluctuations. (The gains are the savings achieved in repayment of the loans because of the stronger rupee.)

This swing of Rs 21 crore helped the company tide over lower export sales (and stagnant total sales) and increasing cost of raw materials. Total sales were Rs 298.27 crore (Rs 291.128 crore). Cost of raw material as a percentage of sales increased to 44.62 per cent (41.34 per cent).

Earnings per share (of face value of Re 1 each) amounted to Rs 1.22 (Rs 0.86).

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