For
the quarter ending March 2023, consolidated net sales (including other operating income) of Sundram Fasteners has increased 8.07% to Rs 1447.95 crore compared to quarter ended Mar 2022. Operating profit margin has jumped from 14.30% to 15.68%, leading to 18.50% rise in operating profit to Rs 226.97 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.67% to 43.09%. Employee cost increased from 9.00% to 9.10%. Other expenses rose from 31.12% to 32.10%. Other income fell 65.07% to Rs 3.51 crore. PBIDT rose 14.33% to Rs 230.48 crore. Provision for interest rose 55.05% to Rs 12.73 crore. Loan funds declined from Rs 771.68 crore as of 31 March 2022 to Rs 730.29 crore as of 31 March 2023. Inventories rose to Rs 923.42 crore as of 31 March 2023 from Rs 820.08 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,144.57 crore as of 31 March 2023 compared to Rs 1,005.04 crore as of 31 March 2022. Cash and bank balance rose to Rs 86.98 crore as of 31 March 2023 from Rs 71.31 crore as of 31 March 2022. Investments rose to Rs 102.30 crore as of 31 March 2023 from Rs 76.93 crore as of 31 March 2022 .
PBDT rose 12.60% to Rs 217.75 crore. Provision for depreciation rose 1.27% to Rs 50.15 crore. Fixed assets increased to Rs 2,090.52 crore as of 31 March 2023 from Rs 2,061.23 crore as of 31 March 2022. Intangible assets stood at Rs 3.34 crore.
Profit before tax grew 16.50% to Rs 167.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 40.13 crore, compared to Rs 36.43 crore. Effective tax rate was 23.94% compared to 25.32%.
Minority interest increased 23.33% to Rs 1.11 crore. Net profit attributable to owners of the company increased 18.61% to Rs 126.36 crore. Equity capital stood at Rs 21.01 crore as of 31 March 2023 to Rs 21.01 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 48.51% as of 31 March 2023 ,compared to 49.69% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Sundram Fasteners has increased 15.52% to Rs 5662.75 crore. Operating profit margin has declined from 16.35% to 15.07%, leading to 6.50% rise in operating profit to Rs 853.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.33% to 44.60%. Employee cost decreased from 9.70% to 9.06%. Other expenses rose from 30.99% to 31.44%. Other income rose 14.01% to Rs 44.85 crore. PBIDT rose 6.85% to Rs 898.32 crore. Provision for interest rose 38.20% to Rs 39.69 crore. Loan funds declined from Rs 771.68 crore as of 31 March 2022 to Rs 730.29 crore as of 31 March 2023. Inventories rose to Rs 923.42 crore as of 31 March 2023 from Rs 820.08 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,144.57 crore as of 31 March 2023 compared to Rs 1,005.04 crore as of 31 March 2022. Cash and bank balance rose to Rs 86.98 crore as of 31 March 2023 from Rs 71.31 crore as of 31 March 2022. Investments rose to Rs 102.30 crore as of 31 March 2023 from Rs 76.93 crore as of 31 March 2022 .
PBDT rose 5.74% to Rs 858.63 crore. Provision for depreciation rose 3.76% to Rs 197.97 crore. Fixed assets increased to Rs 2,090.52 crore as of 31 March 2023 from Rs 2,061.23 crore as of 31 March 2022. Intangible assets stood at Rs 3.34 crore.
Profit before tax grew 6.35% to Rs 660.66 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 160.31 crore, compared to Rs 159.39 crore. Effective tax rate was 24.27% compared to 25.66%.
Minority interest increased 10.76% to Rs 5.66 crore. Net profit attributable to owners of the company increased 8.31% to Rs 494.69 crore.
Equity capital stood at Rs 21.01 crore as of 31 March 2023 to Rs 21.01 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 48.51% as of 31 March 2023 ,compared to 49.69% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 468.96 crore for year ended March 2023 from Rs 401.18 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 238.53 crore, compared to Rs 203.73 crore during the year ended March 2022.
Other Highlights
Board approved payment of Second Interim
Dividend of Rs 3.06 per share. Total Dividend including Special Dividend for
the financial year 2022-2023 would amount to Rs 8.63 per share. Record Date for
the purpose is 16 May 2023.
In Q4 FY23, domestic sales were at Rs
820.71 crore as against Rs 749.66 crore in Q4 FY22, posting a growth of 9.48%
YoY.
Domestic sales for the year ended March 31,
2023 were Rs 3,235.04 crore as against Rs 2,631.22 crore during the previous
year, recording a growth of 22.95% on the back of an increase in domestic
demand.
Export sales for the year ended March 31,
2023 were Rs 1,528.95 crore as against Rs 1,421.09 crore during the previous
year.
The export sales in Q4 FY23 stood at Rs
380.77 crore as against Rs 366.01 crore in Q4 FY22, an increase of 4.03% YoY.
Company incurred Rs 212.94 Crore towards
capital expenditure as part of capacity expansion of existing lines of business
and new projects.