Sundram Fasteners Limited reports highest ever Turnover and Profit Before Tax for the quarter ended June 30, 2024

Chennai, August 1, 2024:  The Board of Directors of Sundram Fasteners Limited today announced the unaudited Financial Results for the quarter ended June 30, 2024.

Highlights: Quarter ended June 30, 2024: FY 2024-2025

Standalone Financials

The Company reports its highest ever revenue from operations at Rs. 1,310.33 crores for the quarter ended June 30, 2024, compared to Rs. 1,216.95 crores during the same period in the previous year, registering a growth of 7.7% led by strong export performance.

The domestic sales for the quarter ended June 30, 2024, were at Rs. 855.75 crores as against Rs. 823.94 crores during the previous year.

The export sales for the quarter ended June 30, 2024, were at Rs. 422.65 crores as against Rs. 347.99 crores during the previous year, registering a growth of 21.5%.

The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended June 30, 2024, was at Rs. 223.06 crores as against Rs. 197.66 crores during the same period in the previous year. The Company has reported its EBITDA margin at 17.0%. The gross margin improved from 55.9% to 57.5% with the support of robust export performance, stable commodity prices and favourable product mix.

The finance cost for the quarter ended June 30, 2024, after accounting for exchange differences, was at Rs. 3.52 crores, as against Rs. 5.89 crores for the corresponding quarter in the previous year.

With the improvement in operations, the Company also reports the highest ever Profit before Tax (PBT) for the quarter ended June 30, 2024, at Rs. 177.19 crores compared to Rs. 150.86 crores for the corresponding quarter registering an impressive growth of 17.4%.

The net profit for the quarter ended June 30, 2024, was at Rs. 131.64 crores as against Rs. 112.78 crores registering a growth of 16.7%.

Earnings per share for the quarter ended June 30, 2024 amounted to Rs. 6.26.

Consolidated Financials

The Company’s consolidated revenue from operations posted for the quarter ended June 30, 2024, was its highest ever at Rs. 1,497.67 crores compared to
Rs. 1,410.76 Crores during the same period in the previous year, registering a growth of 6.2%.

The consolidated net profit for the quarter ended June 30, 2024, was at Rs. 142.69 crores as against Rs. 128.74 crores for the same period in the previous year registering a growth of 10.8%.

The consolidated earnings per share (EPS) for the quarter ended June 30, 2024 amounted to Rs. 6.75.

Capital expenditure

The Company has incurred capital expenditure of Rs. 148.37 crores for the quarter ended June 30, 2024, in line with its planned capital expenditure for the financial year 2024-25.

About Sundram Fasteners

Sundram Fasteners Limited, a Company headquartered in Chennai, has established a track record of leadership over 60 years. With a diversified product line, world-class facilities in 3 countries and motivated team of talented people, Sundram Fasteners has become a supplier of choice to leading customers in the automotive segments worldwide.

The product range consists of high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, tappets, iron powder, powertrain components and sub-assemblies. Over the years, the Company has acquired cutting-edge technological competencies in forging, metal forming, close-tolerance machining, heat treatment, surface finishing and assembly.