TVS Group company Sundram Fasteners Ltd has reported a 29 per cent increase in net profit at ₹38.1 crore during the quarter ended June 30, mainly on increased exports.
Revenues increased 10.5 per cent to ₹578.6 crore, out of which 40 per cent came from exports. This is a 30 per cent increase in exports from the June quarter last fiscal.
Interest costs dropped to ₹5.54 crore from ₹8.5 crore during the corresponding quarter last fiscal. Exchange losses on foreign currency loans almost halved to ₹7.27 crore.
According to a research report by ICRA, a drop in finance charges and a rise on operating margin supported profit margins during FY14. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased over the four quarters in FY14 from ₹59.6 crore to ₹72.1 crore. During this quarter, EBITDA has increased 15 per cent compared to Q1 of last year, the company said in a statement. The company scrip ended 12.4 per cent up on the BSE at ₹117.4.