Leading auto-parts maker Sundram Fasteners has announced a double-digit growth in its net profit for the March 2024 quarter and a marginal rise in FY24 net profit, while declaring a second interim dividend of ₹4.17 per share.

On a consolidated basis, the company has posted its highest-ever consolidated EBITDA and profit after tax in FY24.

Due to strong operational performance, the company has registered its highest-ever net profit at ₹133 crore in Q4 (₹117 crore), an increase of 14 per cent, said a statement.

Total revenue stood at ₹1,295 crore in the March 2024 quarter (₹1,243 crore). Domestic sales were at ₹846 crore (₹822 crore), while exports stood at ₹385 crore (₹381 crore).

Annual results

For the full year of FY24, the company’s net profit was at ₹480 crore (₹464 crore).

Total revenue stood at ₹4,953 crore (₹4,951 crore). However, EBITDA was higher at ₹825 crore (₹797 crore), supported by stability in the raw material prices and improvement in operational efficiency.

On a consolidated basis, the company’s net profit grew to ₹526 crore (₹500 crore), the highest-ever quarterly profit, in FY24, while total revenue was at ₹5,720 crore (₹5,708 crore). Its EBITDA was at ₹941 crore (₹898 crore), the highest-ever quarterly number.

The board has recommended a second interim dividend of ₹4.17 per share (417 per cent). The total dividend including the first interim dividend for 2023-24 would amount to ₹6.85 per share (685 per cent).

Two of the company’s wholly-owned subsidiaries — Sunfast TVS Ltd and TVS Engineering Ltd — were merged with the company, subject to approvals.

The company incurred a capex of ₹343 crore in FY24 for capacity expansion of existing lines of business and new projects. It has transferred ₹200 crore to reserves.

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