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Results
13-Nov-21
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Analysis
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Sundram Fasteners
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Sales up 40%, net up 20% restricted by 250 bps fall in OPM
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Consolidated net sales (including other operating income) of Sundram Fasteners
has increased 39.68% to Rs 1242.26 crore. Operating profit margin
has declined from 20.08% to 17.58%, leading to 22.32% rise in operating profit
to Rs 218.42 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 39.11% to 42.40%. Employee cost
decreased from 9.86% to 9.46%. Other expenses fell from 31.19% to
31.06%. Other income fell 77.17% to Rs 1.76 crore. PBIDT
rose 18.20% to Rs 220.18 crore. Provision for interest rose 124.23%
to Rs 5.83 crore. PBDT rose 16.70% to Rs 214.35
crore. Provision for depreciation rose 5.33% to Rs 47.27
crore. Profit before tax grew 20.38% to Rs 167.08
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 43.17 crore, compared
to Rs 35.15 crore. Effective tax rate was 25.84% compared to 25.33%.
Minority interest increased 17.21% to Rs 1.43 crore. Net profit
attributable to owners of the company increased 19.59% to Rs 122.48
crore.
Half-yearly performance
Net sales for the period ended Sep 2021 has increased 86.51% to Rs 2354.69
crore. Operating profit margin has jumped from 15.34% to 17.79%,
leading to 116.25% rise in operating profit to Rs 418.87 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
38.01% to 41.94%. Employee cost decreased from 14.00% to 9.82%.
Other expenses fell from 32.31% to 31.05%. Other income
rose 15.61% to Rs 18.89 crore. PBIDT rose 108.42% to Rs 437.76
crore. Provision for interest fell 3.14% to Rs 13.58
crore. PBDT rose 116.40% to Rs 424.18 crore. Provision
for depreciation rose 5.27% to Rs 93.88 crore. Profit before tax
grew 209.15% to Rs 330.30 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 85.9 crore,
compared to Rs 28.63 crore. Effective tax rate was 26.01% compared
to 26.80%. Minority interest decreased 8.43% to Rs 2.28 crore. Net
profit attributable to owners of the company increased 219.76% to Rs 242.12
crore.
Others
Equity capital stood at Rs 21.01 crore
as of 30 September 2021 to Rs 21.01 crore as of 30 September
2020. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 49.53% as of 30
September 2021, compared to 49.53% as of 30 September 2020.
Loan funds rose to Rs 781.55 crore as
of 30 September 2021 from Rs 716.65 crore as of 30 September
2020. Inventories rose to Rs 806.84 crore as of 30 September 2021
from Rs 535.75 crore as of 30 September 2020. Sundry debtors were
higher at Rs 897.38 crore as of 30 September 2021 compared to Rs 666.77 crore
as of 30 September 2020. Cash and bank balance declined from Rs
92.05 crore as of 30 September 2020 to Rs 38.75 crore as of 30 September
2021. Investments declined from Rs 69.44 crore as of 30 September
2020 to Rs 67.16 crore as of 30 September 2021. Fixed assets
increased to Rs 2,059.48 crore as of 30 September 2021 from Rs 2,015.57 crore
as of 30 September 2020. Intangible assets stood at Rs 3.34
crore.
Sundram
Fastners: Consolidated Results
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2109
(3)
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2009
(3)
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Var.
(%)
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2109
(6)
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2009
(6)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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1242.26
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889.33
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40
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2354.69
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1262.50
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87
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3644.29
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3723.23
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-2
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OPM (%)
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17.6
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20.1
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17.8
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15.3
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18.2
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15.9
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OP
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218.42
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178.56
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22
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418.87
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193.70
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116
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664.12
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592.90
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12
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Other
inc.
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1.76
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7.71
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-77
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18.89
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16.34
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16
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27.40
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28.09
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-2
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PBIDT
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220.18
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186.27
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18
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437.76
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210.04
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108
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691.52
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620.99
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11
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Interest
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5.83
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2.60
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124
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13.58
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14.02
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-3
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26.13
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57.90
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-55
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PBDT
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214.35
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183.67
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17
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424.18
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196.02
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116
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665.39
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563.09
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18
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Dep.
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47.27
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44.88
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5
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93.88
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89.18
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5
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179.69
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169.92
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6
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PBT
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167.08
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138.79
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20
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330.30
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106.84
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209
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485.70
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393.17
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24
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EO
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT
after EO
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167.08
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138.79
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20
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330.30
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106.84
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209
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485.70
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393.17
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24
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Taxation
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43.17
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35.15
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23
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85.90
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28.63
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200
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122.99
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66.64
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85
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PAT
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123.91
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103.64
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20
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244.40
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78.21
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212
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362.71
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326.53
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11
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Minority
Interest (MI)
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1.43
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1.22
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17
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2.28
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2.49
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-8
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3.53
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1.64
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115
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PAT
after MI
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122.48
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102.42
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20
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242.12
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75.72
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220
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359.18
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324.89
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11
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EPS
(Rs)*
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#
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#
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#
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#
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17.1
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15.5
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* EPS
is on current equity of Rs 21.01 crore, Face value of Rs 1
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# EPS
is not annualised due to seasonality of business
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**
Variance could not be calculated as no previous period figures
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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