For the
quarter ending Dec 2021, standalone net sales (including other operating income) of Sundram Fasteners has increased 8.71% to Rs 1,024.25 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 21.51% to 17.19%, leading to 13.12% decline in operating profit to Rs 176.05 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.48% to 44.26%. Employee cost increased from 7.05% to 7.72%. Other expenses rose from 30.67% to 30.87%. Other income up 23.68% to Rs 3.97 crore. PBIDT fell 12.55% to Rs 180.02 crore. Provision for interest up 16.19% to Rs 3.23 crore. PBDT fell 12.94% to Rs 176.79 crore. Provision for depreciation rose 3.35% to Rs 38.31 crore. Profit before tax down 16.58% to Rs 138.48 crore. Provision for tax was expense of Rs 35.14 crore, compared to Rs 41.76 crore. Effective tax rate was 25.38% compared to 25.16%. Profit after tax fell 16.82% to Rs 103.34 crore. Promoters’ stake was 49.53% as of 31 December 2021 ,compared to 49.53% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Sundram Fasteners has increased 52.39% to Rs 3,026.13 crore. Operating profit margin has declined from 18.58% to 18.48%, leading to 51.52% rise in operating profit to Rs 559.12 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.07% to 43.56%. Employee cost decreased from 9.48% to 7.55%. Other expenses fell from 31.91% to 30.85%. Other income fell 15.15% to Rs 14.73 crore. PBIDT rose 48.53% to Rs 573.85 crore. Provision for interest fell 11.91% to Rs 9.47 crore. PBDT rose 50.26% to Rs 564.38 crore. Provision for depreciation rose 3.22% to Rs 113.91 crore. Profit before tax grew 69.83% to Rs 450.47 crore. Provision for tax was expense of Rs 114.42 crore, compared to Rs 67.13 crore. Effective tax rate was 25.40% compared to 25.31%.Profit after tax rose 69.62% to Rs 336.05 crore. Promoters’ stake was 49.53% as of 31 December 2021 ,compared to 49.53% as of 31 December 2020 .
Full year results analysis
Net sales (including other operating income) of Sundram Fasteners has declined 1.91% to Rs 3,065.03 crore. Operating profit margin has jumped from 17.53% to 19%, leading to 6.33% rise in operating profit to Rs 582.28 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.49% to 41.04%. Employee cost decreased from 9.84% to 8.79%. Other expenses fell from 31.87% to 31.32%. Other income fell 18.93% to Rs 16.57 crore. PBIDT rose 5.42% to Rs 598.85 crore. Provision for interest fell 67.72% to Rs 14.16 crore. Loan funds declined from Rs 706.16 crore as of 31 March 2020 to Rs 465.68 crore as of 31 March 2021. Inventories rose to Rs 558.80 crore as of 31 March 2021 from Rs 492.92 crore as of 31 March 2020. Sundry debtors were higher at Rs 715.06 crore as of 31 March 2021 compared to Rs 539.64 crore as of 31 March 2020. Cash and bank balance rose to Rs 16.89 crore as of 31 March 2021 from Rs 16.41 crore as of 31 March 2020. Investments rose to Rs 337.16 crore as of 31 March 2021 from Rs 310.19 crore as of 31 March 2020 . PBDT rose 11.54% to Rs 584.69 crore. Provision for depreciation rose 7.38% to Rs 146.58 crore. Fixed assets increased to Rs 1,665.77 crore as of 31 March 2021 from Rs 1,654.37 crore as of 31 March 2020. Intangible assets declined from Rs 3.78 crore to Rs 3.05 crore. Profit before tax grew 13% to Rs 438.11 crore. Provision for tax was expense of Rs 109.97 crore, compared to Rs 62.36 crore. Effective tax rate was 25.10% compared to 16.57%. Profit after tax rose 4.49% to Rs 328.14 crore. Promoters’ stake was 49.53% as of 31 March 2021 ,compared to 49.53% as of 31 March 2020 . Cash flow from operating activities decreased to Rs 413.93 crore for year ended March 2021 from Rs 660.18 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 129.51 crore, compared to Rs 310.42 crore during the year ended March 2020.
Other Highlights
Board declared an interim dividend of Rs 6.45 per share
(645%) for the financial year 2021-22. Record date for this purpose is February
22, 2022. The interim dividend will be paid to the shareholders on March 4,
2022.
Consolidated revenue for the nine months ended December 31,
2021 includes exports of Rs 1,219.75 crore as against exports of Rs 774.15
crore in corresponding previous period.
The increase in commodity prices, as well as the costs of
logistics and other inputs had a significant impact on the margins, which was
mitigated through cost reduction measures and price support from the customers.
| Sundram Fasteners : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,024.25 | 942.20 | 8.71 | 3,026.13 | 1,985.78 | 52.39 | 3,065.03 | 3,124.57 | -1.91 | | OPM (%) | 17.19 | 21.51 | -432 bps | 18.48 | 18.58 | -11 bps | 19.00 | 17.53 | 147 bps | | OP | 176.05 | 202.64 | -13.12 | 559.12 | 369.00 | 51.52 | 582.28 | 547.63 | 6.33 | | Other Inc. | 3.97 | 3.21 | 23.68 | 14.73 | 17.36 | -15.15 | 16.57 | 20.44 | -18.93 | | PBIDT | 180.02 | 205.85 | -12.55 | 573.85 | 386.36 | 48.53 | 598.85 | 568.07 | 5.42 | | Interest | 3.23 | 2.78 | 16.19 | 9.47 | 10.75 | -11.91 | 14.16 | 43.86 | -67.72 | | PBDT | 176.79 | 203.07 | -12.94 | 564.38 | 375.61 | 50.26 | 584.69 | 524.21 | 11.54 | | Depreciation | 38.31 | 37.07 | 3.35 | 113.91 | 110.36 | 3.22 | 146.58 | 136.51 | 7.38 | | PBT | 138.48 | 166.00 | -16.58 | 450.47 | 265.25 | 69.83 | 438.11 | 387.7 | 13.00 | | PBT before EO | 138.48 | 166 | -16.58 | 450.47 | 265.25 | 69.83 | 438.11 | 387.7 | 13.00 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -11.3 | - | | PBT after EO | 138.48 | 166 | -16.58 | 450.47 | 265.25 | 69.83 | 438.11 | 376.4 | 16.39 | | Taxation | 35.14 | 41.76 | -15.85 | 114.42 | 67.13 | 70.45 | 109.97 | 62.36 | 76.35 | | PAT | 103.34 | 124.24 | -16.82 | 336.05 | 198.12 | 69.62 | 328.14 | 314.04 | 4.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 103.34 | 124.24 | -16.82 | 336.05 | 198.12 | 69.62 | 328.14 | 314.04 | 4.49 | | EPS (Rs)* | 4.92 | 5.91 | -16.82 | 15.99 | 9.43 | 69.62 | 15.62 | 15.39 | 1.44 | | | * EPS is on current equity of Rs 21.01 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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