The slowdown in the commercial vehicle market has dragged down the second quarter net sales of Sundram Fasteners by 6 per cent (year-on-year) to Rs 498 crore. Net profit, however, rose 35 per cent to Rs 24.88 crore due to lower forex losses. During the second quarter last year, the company’s forex expenses were Rs 28 crore. This year, it was only Rs 2.38 crore. “This quarter has been subdued. Exports too have been sluggish due to the lower exchange rate. But we hope the second half would be better, driven by festival season sales (for cars/trucks),” said V. G. Jaganathan, Executive Director. The company has declared an interim dividend of Rs 0.60 per share (face value Re 1 each). The interim dividend and dividend distribution tax will absorb Rs 14.65 crore.
Sundram Fasteners profit up 35%
Chennai, Nov. 8: