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Results
05-Feb-21
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Analysis
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Sundram Fasteners
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Sales up 35% and net up 37%
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Consolidated sales of Sundram Fasteners for quarter ended Dec 2020 stood higher by 35% to Rs 1108.69 crore with both domestic and export revenue register strong double digit growth. While exports was up by 26% to Rs 328.73 crore, the domestic sales was up by 39% to Rs 749.78 crore. The gradual recovery in all segment of auto sector and some like passenger cars and tractors register yoy volume growth have driven the revenue growth of the company. Higher sales together with 540 bps expansion in operating margin to 20.8% the operating profit was up by sharp 82% to Rs 230.49 crore. The other income was down by 20% to Rs 9.95 crore and thus the PBIDT was up by 73% to Rs 240.44 crore. The interest cost was down by 60% to Rs 5.17 crore and the depreciation was up by 9% to Rs 45.35 crore and thus the PBT more than doubled (up 124%) to Rs 189.92 crore. The taxation was a provision of Rs 46.22 crore compared to a write-back of Rs 20.14 crore in the corresponding previous period. Thus the PAT was up by 37% to Rs 143.70 crore. The minority interest was up by 46% to Rs 1.02 crore and the PAT was up by 37% to Rs 142.68 crore.
Nine monthperformance
Sales was down by 18% to Rs 2371.19 crore and with 160 bps expansion in OPM to 17.9%, the fall at operating profit was restricted at 10% to Rs 424.19 crore. The other income was up by 15% to Rs 26.29 crore and thus the PBIDT was down by 9% to Rs 450.48 crore. The PBT was down by 8% to Rs 296.76 crore largely due to lower interest cost. The taxation was up by 50% to Rs 74.85 crore and thus the PAT was down by 19% to Rs 221.91 crore. With minority interest stand higher by 24% to Rs 3.51 crore, the net profit after MI was down by 19% to Rs 218.40 crore.
Other developments
The three foreign subsidiaries of the Group had financial years ending on December 31, whereas the parent company along with its domestic subsidiaries have the year end of March 31. During the previous year, such foreign subsidiaries had aligned their financial year end with that of the parent company for consolidation purposes, eliminating a 3 month time lag for incorporating the results of such foreign subsidiaries with the consolidated financial results of the Group. As a result of this change, the consolidated financial results for the year ended March 31, 2020 and nine months ended December 31, 2019 also includes the financial results of such foreign subsidiaries for the period January 01, 2019 to March 31, 2019. This has resulted in increase in revenue from operations by Rs. 100.41 crores and reduction in profit after tax by Rs. 1.38 crores for the year ended March 31, 2020 and nine months ended December 31, 2019.
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Previous News |
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