Auto parts major Sundram Fasteners has recorded its highest ever standalone quarterly net profit of Rs 130.11 crore in Q1 FY 22-23 as against Rs 112.55 crore during the same period in the previous year, with a year-on-year growth of 15.6%.
The revenue from operations was at Rs 1,239.64 crore for the quarter ended June 30, 2022 as against Rs 938.81 crore during the same period in the previous year, registering a growth of 32%. The domestic sales for the quarter were at Rs 798.50 crore as against Rs. 559.93 crore during the previous year, up 42.6%.
The export sales for the quarter were at Rs 405.76 crore as against Rs. 356.33 crore, up 14%. The earnings before interest, depreciation and taxes (EBITDA) was at Rs 214.86 crore as against Rs 192.88 crore during the same period in the previous year, showing an increase of 11.4%. The finance cost comprising of interest cost of Rs 2.11 crore and exchange loss of Rs 2.90 crore for the quarter was at Rs. 5.01 crore.
The finance cost for the corresponding quarter in the previous year comprised of interest cost of Rs 1.11 crore and exchange loss of Rs 3.06 crore which thus amounted to Rs 4.17 crore. The Profit before Tax (PBT) for the quarter ended June 30, 2022 was at Rs 171.09 crore as against Rs 151.13 crore during the same period in the previous year.
Mmanaging Director, Sundram Fasteners Limited, said, “The company has registered a strong operating performance and reported highest ever profit despite a challenging environment posed by continuous increase in raw material prices, inflationary impact in indirect materials and steep increase in freight costs and other inputs. We continue to be cautiously optimistic about the ensuing quarters.” The company has planned an investment of Rs 350 crore over a period of five years for its Advanced Automotive Technology Components project and will invest another Rs 300 crore in the wind energy business.