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Leading auto parts maker Sundram Fasteners has reported a 17 per cent drop in its net profit to ₹103 crore for the quarter ended December 31, 2021, when compared with ₹124 crore in the same quarter a year ago.
EBITDA for Q3 of this fiscal was at ₹180 crore against ₹206 crore in December 2020 quarter. Sundram Fasteners posted EBITDA percentage on revenue from operations at 17.6 per cent against 21.9 per cent in the year-ago quarter.
The increase in commodity prices, as well as the costs of logistics and other inputs, had a significant impact on the margins which was mitigated through cost reduction measures and price support from customers, said a statement by Sundram Fasteners.
Revenue from operations stood at ₹1,024 crore for the third quarter of this fiscal against ₹942 crore last fiscal.
Domestic sales were at ₹658 crore (as compared to ₹637 crore last fiscal). However, Sundram Fasteners maintained the momentum in exports as it grew 21 per cent to ₹336 crore from ₹277 crore in Q3 of last fiscal.
Profit before tax was at ₹138.48 crore (₹166 crore). Earnings per share for the quarter ended December 31, 2021, amounted to ₹4.91, down from ₹5.91 a year ago.
On a consolidated basis, Sundram Fasteners’ net profit stood at ₹110 crore (₹144 crore). Consolidated revenue grew to ₹1,208 crore (₹1,109 crore).
For the 9 months ended December 31, 2021, the company’s standalone net profit was higher at ₹336 crore when compared with ₹198 crore in the same period a year ago. Revenue from operations grew 52 per cent to ₹3,026 crore from ₹1,986 crore in the previous fiscal.
The Sundram Fasteners board declared an interim dividend of ₹6.45 per share (645 per cent) for FY22.
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