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Auto-component maker Sundram Fasteners Ltd has reported a standalone net profit of ₹116.19 crore, for the October-December 2023 quarter, the company said.
The company had registered a standalone net profit of ₹106.13 crore, during the corresponding quarter of last year.
Net profits on a standalone basis for the nine-month period ending December 31, 2023 stood at ₹346.65 crore as against ₹347.99 crore registered a year ago.
The standalone total income during the quarter under review was ₹1,204.92 crore, as against ₹1,236.18 crore registered in the same period of last year.
Total standalone income for the nine month period ending December 31, 2023 slipped to ₹3,661.50 crore, from ₹3,708.25 crore registered in the same period of last year.
In a statement, the company said the revenue from operations was ₹1,180.62 crore, for the quarter ending December 31, 2023 as against ₹1,226.87 crore during the same period in the previous year.
Domestic sales during the quarter under review was ₹812.46 crore, as against ₹813.38 crore recorded in the corresponding quarter of last year.
Exports sales for the quarter ending December 31, 2023 stood at ₹339.15 crore, as against ₹364.64 crore recorded a year ago.
"The earnings before interest, depreciation and taxes (EBITDA) for the quarter ending December 31, 2023 was at ₹201.19 crore, as against ₹188.20 crore during the same period in the previous year. The company has improved the EBITDA margin at 16.80 per cent as against 15.10 per cent during the same period in the previous year", it said.
This has been due to stringent cost control measures and improvement in operational efficiency, the company added.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the company has recorded a net profit of ₹116.19 crore for the quarter ending December 31, 2023 as against ₹106.13 crore during the previous year.
The company has entered into a memorandum of understanding with the Tamil Nadu government for the proposed investment of ₹1,411 crore in the factories in the state.
The planned investments span upto 2027-28 and would be used for capacity expansion of existing products, including components for electric vehicles, the statement added.
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