Sundram Fasteners reports growth in revenues and records higher profit in Q3

The Company has sustained earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2022 at Rs. 188.19 crores as against Rs. 180.04 crores during the same period in the previous year.

Sundram Fasteners’ revenue growth from operations was at Rs. 1,226.87 crores for the quarter ended December 31, 2022 as against Rs. 1,024.25 crores during the same period in the previous year, registering a growth of 19.8%.

The domestic sales for the quarter ended December 31, 2022 were at Rs. 813.38 crores as against Rs. 658.37 crores during the previous year, posting a robust growth of 23.5%.

The export sales for the quarter ended December 31, 2022 were at Rs. 364.64 crores as against Rs. 335.95 crores, posting an increase of 8.5%.

The Company has sustained earnings before interest, depreciation, and taxes (EBITDA) for the quarter ended December 31, 2022, at Rs. 188.19 crores as against Rs. 180.04 crores during the same period in the previous year. The margins have been under pressure during the period ended December 31, 2022 due to the increase in prices of raw materials.

The Profit before Tax (PBT) for the quarter ended December 31, 2022, was at Rs. 142.05 crores as against Rs. 138.48 crores during the same period in the previous year.  The net profit for the quarter ended December 31, 2022, was at Rs 106.13 crores as against a net profit of Rs. 103.34 Crores during the same period in the previous year.

Earnings per share for the quarter ended December 31, 2022, amounted to Rs. 5.05 and was Rs. 4.91 in the corresponding period last year.

The Company’s Domestic and Overseas subsidiaries have registered a good performance during the nine months period that ended December 31, 2022.

The Company’s consolidated revenue from operations posted for the quarter ended December 31, 2022, was at Rs. 1,403.03 crores as against Rs. 1,207.53 Crores during the same period in the previous year, an increase of 16.2%.

The consolidated net profit for the quarter that ended December 31, 2022, was at Rs 118.07 crores as against a net profit of Rs. 110.00 Crores during the same period in the previous year.

The consolidated earnings per share (EPS) for the quarter that ended December 31, 2022, amounted to Rs. 5.57 and was Rs. 5.15 in the corresponding period last year.

Commenting on the results, Ms. Arathi Krishna, Managing Director, Sundram Fasteners Limited said, “We have progressed well despite the ongoing macroeconomic challenges.  We thank our employees, suppliers, and customers for the continued trust and will strive to deliver continued performance.”

About the Union Budget presented on Wednesday, Krishna said “The government has ensured that India advances and becomes a modern economy. The domestic automotive industry has significant growth potential, driven by a variety of factors, and in order to maintain momentum, the government has consistently prioritised technology connectivity, world-class infrastructure development, and an EV landscape. Furthermore, there is growing environmental concern, which is urging the government to promote green mobility. The government’s explicitly realistic announcements will benefit industries such as manufacturing and sustainability.”