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Leading auto parts maker Sundram Fasteners has reported a net profit of ₹88 crore for the quarter ended March 31, 2017. Its net profit in the year-ago period was ₹87 crore.
The profit in the fourth quarter is not comparable with that of the net profit in Q4 of 2015-16 since it includes a write-back of tax provision to the extent of ₹37.17 crore due to application of minimum alternate tax, according to a statement.
Its gross profit stood at ₹118 crore compared with ₹ 87 crore. Total revenues grew eight per cent to ₹832 crore from ₹768 crore in the year-ago period.
Annual sales were the highest-ever with net profit for 2016-17 at ₹315 crore against ₹214 crore in 2015-16, posting an increase of 47 per cent.
Total revenues (net of excise duty) stood at ₹2,949 crore against ₹2,636 crore. Export sales were up 15 per cent at ₹1,044 crore against ₹908 crore.
Increase in production of passenger vehicles, utility vehicles and two-wheelers helped domestic sales growth.
Its earnings per share surged to a new high of ₹15.01. The company has a strong balance sheet with an all-time low debt-equity ratioof 0.47.
The Board has recommended a final dividend of ₹2.80 per share (on a paid-up value of ₹1 per share). It has recommended an enhanced dividend to commemorate its 50th anniversary. It had paid an interim dividend of ₹1.70 per share.
The Board also approved the scheme of amalgamation between Sundram Precision Components, a wholly owned subsidiary with Sundram Fasteners.
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