Results 13-Nov-21
Analysis
Sundram Fasteners
Sales up 40%, net up 20% restricted by 250 bps fall in OPM
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
2109 (3)
2009 (3)
Var. (%)
2109 (6)
2009 (6)
Var. (%)
2103 (12)
2003 (12)
Var. (%)
Sales
1242.26
889.33
40
2354.69
1262.50
87
3644.29
3723.23
-2
OPM (%)
17.6
20.1
17.8
15.3
18.2
15.9
OP
218.42
178.56
22
418.87
193.70
116
664.12
592.90
12
Other inc.
1.76
7.71
-77
18.89
16.34
16
27.40
28.09
-2
PBIDT
220.18
186.27
18
437.76
210.04
108
691.52
620.99
11
Interest
5.83
2.60
124
13.58
14.02
-3
26.13
57.90
-55
PBDT
214.35
183.67
17
424.18
196.02
116
665.39
563.09
18
Dep.
47.27
44.88
5
93.88
89.18
5
179.69
169.92
6
PBT
167.08
138.79
20
330.30
106.84
209
485.70
393.17
24
EO
0.00
0.00
0.00
0.00
0.00
0.00
PBT after EO
167.08
138.79
20
330.30
106.84
209
485.70
393.17
24
Taxation
43.17
35.15
23
85.90
28.63
200
122.99
66.64
85
PAT
123.91
103.64
20
244.40
78.21
212
362.71
326.53
11
Minority Interest (MI)
1.43
1.22
17
2.28
2.49
-8
3.53
1.64
115
PAT after MI
122.48
102.42
20
242.12
75.72
220
359.18
324.89
11
EPS (Rs)*
#
#
#
#
17.1
15.5
* EPS is on current equity of Rs 21.01 crore, Face value of Rs 1
# EPS is not annualised due to seasonality of business
** Variance could not be calculated as no previous period figures
Figures in Rs crore
Source: Capitaline Corporate Database
Previous News
Board of Sundram Fasteners recommends Interim Dividend
( Corporate News - 09-Nov-22 10:43 )
Sundram Fasteners receives affirmation in credit ratings
( Corporate News - 24-Apr-23 20:04 )
Sundram Fasteners fixes record for 2nd interim dividend
( Market Beat - Reports 06-May-21 16:15 )
Sundram Fasteners jumps after Q4 PAT rises 63% YoY to Rs 116 cr
( Hot Pursuit - 05-May-23 11:50 )
Sundram Fasteners receives affirmation in ST ratings
( Corporate News - 11-Jan-21 17:12 )
Sundram Fasteners
( Results - Analysis 29-Oct-18 15:27 )
Sundram Fasteners bags Supplier of the Year award from General Motors
( Corporate News - 29-Jun-21 09:40 )
Sundram Fasteners receives affirmation in ST credit rating
( Corporate News - 15-Apr-24 18:38 )
Sundram Fasteners wins 'Supplier of the Year' award from General Motors
( Corporate News - 07-Apr-23 11:06 )
Sundram Fasteners gets reaffirmation in short term credit ratings
( Corporate News - 07-Nov-19 19:23 )
Volumes jump at Sundram Fasteners Ltd counter
( Hot Pursuit - 29-May-20 11:00 )
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