The announcement was made after market hours yesterday.

Sundram Fasteners, part of the TVS Group, is engaged primarily in manufacture and sale of bolts and nuts, water and oil pumps, sintered products, cold extruded components, hot and warm forged parts, radiator caps and other parts which largely have applications in automobile industry.

The company's consolidated net profit rose 13.69% to Rs 136.02 crore on a 26.76% increase in sales to Rs 1,410.12 crore in Q1 FY23 over Q1 FY22.

The scrip fell 2.51% to end at Rs 899.05 on the BSE.

In the past three months, the stock has added 29.23% while the benchmark Sensex has added 11.16% during the same period.