Net sales remained flat at Rs 1410.76 crore in the first quarter of FY24.

Profit before tax in Q1 FY24 stood at Rs 169.39 crore, down by 5.7% from Rs 179.57 crore in Q1 FY23.

On a standalone basis, the company's revenue from operations was at Rs 1,215.65 crore for the quarter ended 30 June 2023 as against Rs 1,239.64 crore during the same period in the previous year.

The domestic sales for the quarter ended 30 June 2023 were at Rs 821.97 crore as against Rs 798.50 crore during the previous year, up 3% YoY.

The export sales were impacted by the slowdown in the US market. The export sales for the quarter ended 30 June 2023 were at Rs 347.99 crore as against Rs 405.76 crore during the previous year, down 14% YoY.

EBITDA declined by 8% to Rs 197.31 crore in Q1 FY24 from Rs 214.86 crore in Q1 FY23. Despite headwinds in the export markets, the Company has maintained its EBITDA margin at 16.2%. The softening of commodity prices and favourable product mix has resulted in improvement in gross margin from 54.5% to 55.8%.

The finance cost for the quarter ended 30 June 2023, after accounting for exchange differences, was at Rs 5.89 crore, as against Rs 5.01 crore for the corresponding quarter in the previous year.

Profit before Tax (PBT) for the quarter ended 30 June 2023 was at Rs 150.59 crore, down 12% YoY.

The net profit for the quarter ended 30 June 2023 was at Rs 112.53 crore, down 13.5% YoY.

The company has incurred capital expenditure for the quarter ended 30 June 2023 in line with its planned capital expenditure of Rs 300 crore for the financial year 2023-24.

Chennai-based Sundram Fasteners makes high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, tappets, iron powder, powertrain components and sub-assemblies.

The scrip rose 0.53% to currently trade at Rs 1221.40 on the BSE.