Auto component maker Sundram Fasteners’ first quarter net profit dipped 11 per cent to Rs 31.24 crore. Standalone revenues rose 14 per cent to Rs 595 crore.
The company attributes the dip in profits to higher inputs costs and employee costs due to a long-term wage settlement in a large division of the company. Operating expenses were at Rs 505.74 crore (Rs 445.16 crore).
Power costs have increased substantially due to unavailability of the required quantum and quality of power, said the company in a release. Besides, there was also an increase in power tariff and other additional levies.
Foreign exchange losses amounted to Rs 15.51 crore, against Rs 4.40 crore last year. Other operating income for the period was Rs 22 crore (Rs 11 crore), which includes gains from foreign exchange on sales of Rs 10.88 crore (Rs 0.64 crore).
Thus, net foreign exchange loss amounted to Rs 4.63 crore (Rs 3.76 crore). EPS for the first quarter amounted to Rs 1.49 (Rs 1.66).