Leading auto parts and engineering company Sundram Fasteners Ltd has reported a 13 per cent drop in its standalone profit after tax (PAT) of ₹113 crore for the quarter ended June 30, when compared with a PAT of ₹130 crore in the year-ago quarter.
The EBITDA stood at ₹197 crore when compared with ₹215 crore in the same period last fiscal.
Despite headwinds in the export markets, the Company has maintained its EBITDA margin at 16.2 per cent. The softening of commodity prices and favourable product mix have resulted in an improvement in gross margin from 54.5 per cent to 55.8 per cent, according to a company statement.
Profit before tax stood at ₹151 crore as against ₹171 crore.
Domestic sales
Revenue from operations stood at ₹1,216 crore in the June 2023 quarter, as against ₹1,240 crore in the year-ago quarter. Domestic sales grew to ₹822 crore when compared with ₹798 crore in Q1 of last fiscal.
But exports fell to ₹348 crore when compared with ₹406 crore due to the impact of a slowdown in the US market.
On a consolidated basis, the company’s PAT stood at ₹129 crore in Q1 of this fiscal as against ₹138 crore in the year-ago quarter. Revenue was flat at ₹1,411 crore.