Companies

Sundram Fasteners posts highest-ever net of ₹130 crore in March quarter

Our Bureau Chennai | Updated on May 06, 2021

Arathi Krishna, MD, Sundram Fasteners

To pay interim dividend of ₹3.40

Sundram Fasteners has reported its highest-ever standalone net profit of ₹130 crore during the March 2021 quarter, on the back of strong operating profit aided by robust vehicle sales during the period. It reported a net profit of ₹47 crore in the year-ago quarter.

The company’s earnings before interest, taxes and depreciation (EBITDA) was higher at ₹212 crore against ₹121 crore, an increase of 75 per cent.

“The company has posted and sustained a higher EBITDA at 19.7 per cent against 16.9 per cent. This has been due to stringent cost control measures and improvement in operational efficiency,” a company release said.

Profit before Tax (PBT) more than doubled to ₹173 crore (₹75 crore). Revenue from operations grew 50 per cent to ₹1,079 crore helped by strong growth in both domestic and export sales.

Full year net up

For the full year 2020-21, Sundram Fasteners’ standalone net profit stood at ₹328 crore (₹314 crore). Revenue from the operations was lower at ₹3,065 crore (₹3,125 crore).

The company has transferred ₹300 crore to reserves. The Board has declared a second interim dividend of ₹3.40 per share (340 per cent). The total dividend for the financial year 2020-21 would amount to ₹4.70 per share (470 per cent).

The company said its step-down subsidiary in China crossed the milestone of ₹100- crore revenue mark for the first time in a quarter and it stood at ₹101.69 crore in March 2021 quarter (₹48.89 crore).

For FY21, Sundram Fasteners' consolidated net profit was at ₹363 crore (₹327 crore) and consolidated revenue stood at ₹3,644.29 crore (₹3,723 crore).

Published on May 06, 2021

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