Leading auto parts and engineering company Sundaram Fasteners Ltd has reported a 7 per cent drop in its standalone profit after tax (PAT) of ₹112 crore for the quarter ended September 30, 2022, when compared with a PAT of ₹120 crore in the year-ago quarter.    

The EBITDA was lower at ₹193 crore as against ₹201 crore in the same period previous fiscal amid the impact of heavy inflationary pressures experienced in the raw material costs.

The revenue from operations stood at ₹1,218 crore for the September 2022 quarter, as against ₹1,063 crore in the year-ago quarter, an increase of 15 per cent.  

The domestic sales were at ₹802 crore as against ₹663 crore, an increase of 21 per cent. Exports grew 4 per cent to ₹378 crore (₹363 crore), according to a statement.

For the Q2 of this fiscal, its consolidated revenue and PAT stood at ₹1,402 crore (₹1,242 crore in Q2 of FY22) and .₹117 crore (₹124 crore) respectively.  

For the half-year that ended September 30, 2022, the standalone net profit was higher at ₹242 crore when compared with ₹233 crore in H1 of the previous fiscal. Revenue stood at ₹2,458 crore as against ₹2002 crore, an increase of 23 per cent.

The Board has declared an interim dividend of ₹3.57 per share (357%) for FY23. It also declared an additional special dividend of ₹2 per share (200%) to commemorate the 60thyear of incorporation of the Company.

The company also said that its Board on Tuesday approved the scheme of amalgamation of Sunfast TVS Ltd and TVS Engineering Ltd with Sundram Fasteners Ltd and their respective shareholders.

“The amalgamation will facilitate operational synergies, efficient allocation of capital, and provide a platform for integration of the defense and aerospace business of the Company,” it said.

 

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