For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Sundram Fasteners has declined 2.55% to Rs 1367.25 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 13.99% to 14.72%, leading to 2.54% rise in operating profit to Rs 201.26 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.21% to 41.55%. Employee cost increased from 9.60% to 10.29%. Other expenses rose from 31.32% to 33.25%. Other income rose 55.34% to Rs 31.13 crore. PBIDT rose 7.43% to Rs 232.39 crore. Provision for interest fell 30.92% to Rs 6.88 crore.
PBDT rose 9.28% to Rs 225.51 crore. Provision for depreciation rose 7.62% to Rs 53.66 crore.
Profit before tax grew 9.81% to Rs 171.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 42.41 crore, compared to Rs 38.43 crore. Effective tax rate was 24.68% compared to 24.56%.
Minority interest decreased 25.71% to Rs 0.78 crore. Net profit attributable to owners of the company increased 9.95% to Rs 128.66 crore. Promoters’ stake was 48.51% as of 31 December 2023 ,compared to 48.51% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Sundram Fasteners has declined 0.36% to Rs 4199.83 crore.
Operating profit margin has jumped from 14.86% to 15.68%, leading to 5.09% rise in operating profit to Rs 658.37 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.11% to 42.19%. Employee cost increased from 9.05% to 9.84%. Other expenses rose from 31.22% to 32.39%. Other income rose 3.87% to Rs 42.94 crore. PBIDT rose 5.01% to Rs 701.31 crore. Provision for interest fell 11.31% to Rs 23.91 crore.
PBDT rose 5.70% to Rs 677.4 crore. Provision for depreciation rose 8.23% to Rs 159.98 crore.
Profit before tax grew 4.94% to Rs 517.42 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 126.19 crore, compared to Rs 120.18 crore. Effective tax rate was 24.39% compared to 24.37%.Minority interest decreased 31.87% to Rs 3.10 crore. Net profit attributable to owners of the company increased 5.38% to Rs 388.13 crore.
Promoters’ stake was 48.51% as of 31 December 2023 ,compared to 48.51% as of 31 December 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
In
Q3 FY24, domestic sales remained flat at Rs 812.46
crore as against Rs 813.38 crore in Q3 FY23.
Export sales in Q3 FY24 was Rs 339.15 crore
as against Rs 364.64 crore in Q3 FY23, down 7% YoY.
The Company has incurred capital
expenditure for the nine months ended December 31, 2023 in line with its
planned capital expenditure of Rs 300 crore for the financial year 2023-24.
Company also entered into a Memorandum of
Understanding (MOU) with the Government of Tamil Nadu for the proposed
investment of Rs 1,411 crore in its factories in the State of Tamil Nadu. The
planned investments span up to 2027-28 and will be used for capacity expansion
of existing products, including components for electric vehicles.