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Sundram Fasteners' consolidated profits for 2010-11 were higher than standalone profits. This has happened for the first time for any year in the company's history, and indicates that the (overseas) subsidiaries have performed well.
Sundram Fastners has subsidiaries in China, the UK and Germany. Its consolidated profit for 2010-11 was Rs 114 crore, compared with Rs 47 crore for the previous year — a jump of 142 per cent. The consolidated net profit was higher than the standalone net profit of Rs 105 crore.
The board of directors has declared a ‘second interim dividend' of Re 0.70 a share, taking the total dividend for the year to Rs 1.25 for each share of Re 1.
For the fourth quarter, Sundram Fasteners reported a higher net profit of Rs 24 crore, compared with Rs 18 crore for the corresponding quarter last year. This was despite a hit of Rs 2.8 crore on account of currency fluctuation, compared with a gain of Rs 3 crore on the same count in the previous period—indicating the fourth quarter was very good.
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