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Tuesday, Oct 29, 2002

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Better orders boost Sundram Fasteners' Q2 net profit

Our Bureau

CHENNAI, Oct. 28

SUNDRAM Fasteners Ltd has reported a net profit of Rs 10.82 crore for the quarter ended September 30, as against Rs 7.37 crore in the corresponding period of last year - an increase of 13.67 per cent.

Two factors have aided this. First, the three-month period saw a marked rise in both domestic and export sales. Domestic sales rose to Rs 103.27 crore, from Rs 83.47 crore in the comparable period of last year - an increase of 23.72 per cent. The company has attributed this to the buoyancy in the automotive industry. Export sales went up to Rs 24.36 crore, as against Rs 19.33 crore (26 per cent), due to increased offtake (of radiator caps) from General Motors.

Second, the interest costs have come down by as much as 38 per cent, to Rs 2.13 crore, from Rs 3.24 crore earlier. A senior official of the company told Business Line on Tuesday that this is because the company has been ploughing back profits into business, which consequently reduced borrowings.

In the first six months of the current year, Sundram Fasteners turnover increased to Rs 247.33 crore, as against Rs 210.14 crore in the same period last year. Domestic sales rose to Rs 201.65 crore, from Rs 170.79 crore.

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