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Auto-component maker Sundram Fasteners Ltd on Thursday registered standalone net profits at ₹46.80 crore for the fourth quarter ending March 31, the company said on Thursday.
The city-based TVS Group firm had registered net profits at ₹103.06 crore during corresponding quarter of previous year, Sundram Fasteners Ltd said in a BSE filing.
The company also announced that in view of the coronavirus pandemic, the remuneration to the employees has been reduced in the range between 15 and 35 per cent while the chairman opted to cut his remuneration by 50 per cent.
The management also decided to voluntarilty waive the commission payable to them for FY 2020-21 resulting in a reduction in remuneration by 70 per cent, the company said.
For the year ending March 31, Sundram Fasteners reported standalone profits at ₹314.04 crore as against ₹436.19 crore recorded during the same period last fiscal.
Total income for the quarter ending March 31, slipped to ₹723.17 crore from ₹1,009.39 crore during the same period last year.
For the full year, the total income was at ₹3,145.01 crore as against ₹4,019.89 crore registered previously.
The company said it posted a healthy EBITDA (Earnings before interest, depreciation and taxes and amortization) of 18 per cent due to ‘operational efficiencies’ and ‘cost control measures’
In view of the pandemic, the company said the operations of its offices, manufacturing facilities were halted from March 24 impacting the sales for April and May.
The company had implemented ‘work from home’ policy as per directions of the government.
However, following the easing of restrictions, the offices resumed operations with limited staff as per the guidelines issued by the government.
Projects and expenditures
On exports, the company said it was at ₹1,117.16 crore for the year ending March 31 as against ₹1,382.99 crore clocked previous year.
The company said it incurred ₹304.70 crore as capital expenditure for taking up capacity expansion of existing lines as well as establishing a new manufacturing facility at Sri City Special Economic Zone in neighbouring Tada at an investment of ₹100 crore.
The facility commenced commercial production and made its first shipment to Germany in January this year.
The unit would further give impetus to the company’s export through an addition of products to its portfolio as well as diversifying export customer base, it said.
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