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Consolidated net sales (including other operating income) of Sundram Fasteners has increased 53% to Rs 1273.1 crore. While exports sales was up 35% to Rs 391.72 crore that of domestic sales was up 64% to Rs 849.75 crore. Strong growth in revenue is on the back of lower base as the operations of the company at fag end of corresponding previous period was hit by COVID lockdown. Operating profit margin has jumped from 14.8% to 18.6%, leading to 93% rise in operating profit to Rs 236.78 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.1% to 41.6%. Employee cost decreased from 11% to 9.5%. Other expenses fell from 33.2% to 30.6%.
Other income fell 18% to Rs 4.26 crore. Provision for interest fell 50% to Rs 6.94 crore. Provision for depreciation rose 3% to Rs 45.16 crore. Profit before tax grew 169% to Rs 188.94 crore.
Provision for tax was expense of Rs 48.14 crore, compared to Rs 16.83 crore. Effective tax rate was 25.48% compared to 23.97%. Thus PAT was up by 164% to Rs 140.80 crore. Share of profit/loss were nil in both the periods. Minority interest was a share of profit of Rs 0.02 crore compared to a share of loss of Rs 1.18 crore in the corresponding previous period. Thus net profit attributable to owners of the company increased 158% to Rs 140.78 crore.
Yearly performance
Net sales (including other operating income) has declined 2% to Rs 3644.29 crore. While exports sales was down by 11% to Rs1165.87 crore that of domestic sales was up 4% to Rs2380.38 crore.Operating profit margin has jumped from 15.9% to 18.2%, leading to 12% rise in operating profit to Rs 664.12 crore.
Other income fell 2% to Rs 27.4 crore. Provision for interest fell 55% to Rs 26.13 crore. Provision for depreciation rose 6% to Rs 179.69 crore. Profit before tax grew 24% to Rs 485.70 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 122.99 crore, compared to Rs 66.64 crore. Effective tax rate was 25.3% compared to 16.9%. Thus the PAT was up 11% to Rs 362.71 crore.
Minority interest increased 115% to Rs 3.53 crore. Net profit attributable to owners of the company increased 11% to Rs 359.18 crore.
Other developments
The Board at its meeting held on May 6, 2021, declared an interim dividend of Rs. 3.40 per share (340 %) for the financial year 2020-21 and the same will be paid to the members/beneficial owners, whose name appear in the register of members / register of beneficial owners maintained by the Depositories as on the record date i.e. May 19, 2021.
Equity capital stood at Rs 21.01 crore as of 31 March 2021 to Rs 21.01 crore as of 31 March 2020. Per share face Value remained same at Rs 1.00.
Promoters' stake was 49.53% as of 31 March 2021,compared to 49.53% as of 31 March 2020.
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