Leading auto parts maker Sundram Fasteners has reported a 9 per cent increase in its standalone profit after tax at ₹116 crore for the quarter ended December 31, 2023, compared with ₹106 crore in the year-ago quarter.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the company has recorded a higher net profit.
The EBITDA for Q3 of this fiscal was at ₹201 crore against ₹188 crore in December 2022 quarter. The company has improved its EBITDA margin at 16.80 per cent against 15.10 per cent during the same period in the previous year.
“This has been due to stringent cost control measures and improvement in operational efficiency,” said a press release issued by the company.
Revenue from operations stood at ₹1,181 crore for the third quarter, against ₹1,227 crore in the same period of last fiscal.
Domestic sales were at ₹812 crore compared with ₹813 crore. Export sales were lower at ₹339 crore compared with ₹365 crore in Q3 of last fiscal.
On a consolidated basis, the company’s net profit stood at ₹129 crore against ₹118 crore in the year-ago quarter. Its consolidated revenue dropped to ₹1,367 crore (₹1,403 crore).
For the 9 months ended December 31, 2023, the company’s standalone net profit was almost flat at ₹347 crore (₹348 crore a year ago). Revenue from operations stood at ₹3,631 crore compared with ₹3,685 crore.
The company has incurred capital expenditure of about ₹300 crore during 9-month period of this fiscal.