For the
quarter ending March 2022, consolidated net sales (including other operating income) of Sundram Fasteners has increased 5.24% to Rs 1339.84 crore compared to quarter ending March 2021.
Operating profit margin has declined from 18.60% to 14.30%, leading to 19.11% decline in operating profit to Rs 191.54 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.65% to 45.67%. Employee cost decreased from 9.51% to 9.00%. Other expenses rose from 30.62% to 31.12%. Other income rose 135.92% to Rs 10.05 crore. PBIDT fell 16.37% to Rs 201.59 crore. Provision for interest rose 18.30% to Rs 8.21 crore. Loan funds rose to Rs 771.68 crore as of 31 March 2022 from Rs 710.20 crore as of 31 March 2021. Inventories rose to Rs 820.08 crore as of 31 March 2022 from Rs 674.35 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,005.04 crore as of 31 March 2022 compared to Rs 885.63 crore as of 31 March 2021. Cash and bank balance rose to Rs 71.31 crore as of 31 March 2022 from Rs 39.30 crore as of 31 March 2021. Investments rose to Rs 76.93 crore as of 31 March 2022 from Rs 64.18 crore as of 31 March 2021 . PBDT fell 17.39% to Rs 193.38 crore. Provision for depreciation rose 9.65% to Rs 49.52 crore. Fixed assets increased to Rs 2,061.23 crore as of 31 March 2022 from Rs 2,036.95 crore as of 31 March 2021. Intangible assets stood at Rs 3.34 crore. Profit before tax down 23.86% to Rs 143.86 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.43 crore, compared to Rs 48.14 crore. Effective tax rate was 25.32% compared to 25.48%. Minority interest increased 4,400% to Rs 0.90 crore. Net profit attributable to owners of the company decreased 24.33% to Rs 106.53 crore. Equity capital stood at Rs 21.01 crore as of 31 March 2022 to Rs 21.01 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.53% as of 31 March 2022 ,compared to 49.53% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Sundram Fasteners has increased 34.51% to Rs 4902.06 crore. Operating profit margin has declined from 18.22% to 16.35%, leading to 20.67% rise in operating profit to Rs 801.39 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.89% to 43.33%. Employee cost decreased from 10.85% to 9.70%. Other expenses fell from 31.26% to 30.99%. Other income rose 43.58% to Rs 39.34 crore. PBIDT rose 21.58% to Rs 840.73 crore. Provision for interest rose 9.91% to Rs 28.72 crore. Loan funds rose to Rs 771.68 crore as of 31 March 2022 from Rs 710.20 crore as of 31 March 2021. Inventories rose to Rs 820.08 crore as of 31 March 2022 from Rs 674.35 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,005.04 crore as of 31 March 2022 compared to Rs 885.63 crore as of 31 March 2021. Cash and bank balance rose to Rs 71.31 crore as of 31 March 2022 from Rs 39.30 crore as of 31 March 2021. Investments rose to Rs 76.93 crore as of 31 March 2022 from Rs 64.18 crore as of 31 March 2021 . PBDT rose 22.04% to Rs 812.01 crore. Provision for depreciation rose 6.18% to Rs 190.79 crore. Fixed assets increased to Rs 2,061.23 crore as of 31 March 2022 from Rs 2,036.95 crore as of 31 March 2021. Intangible assets stood at Rs 3.34 crore. Profit before tax grew 27.90% to Rs 621.22 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 159.39 crore, compared to Rs 122.99 crore. Effective tax rate was 25.66% compared to 25.32%. Minority interest increased 44.76% to Rs 5.11 crore. Net profit attributable to owners of the company increased 27.16% to Rs 456.72 crore. Equity capital stood at Rs 21.01 crore as of 31 March 2022 to Rs 21.01 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 49.53% as of 31 March 2022 ,compared to 49.53% as of 31 March 2021 .
Other Highlights
The domestic sales for the quarter ended March 31, 2022 grew
by 5.1% to Rs 749.66 crore as against Rs 713.16 crore for the corresponding
quarter in the previous year.
The export sales for the quarter ended March 31, 2022 grew
by 8.1% to Rs 366.01 crore as against Rs 337.21 crore during the same period in
the previous year.
The Company incurred Rs 146 Crore towards capital
expenditure as part of capacity expansion of existing lines of business.
| Sundram Fasteners : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,339.84 | 1,273.10 | 5.24 | 4,902.06 | 3,644.29 | 34.51 | | OPM (%) | 14.30 | 18.60 | -430 bps | 16.35 | 18.22 | -188 bps | | OP | 191.54 | 236.78 | -19.11 | 801.39 | 664.12 | 20.67 | | Other Inc. | 10.05 | 4.26 | 135.92 | 39.34 | 27.40 | 43.58 | | PBIDT | 201.59 | 241.04 | -16.37 | 840.73 | 691.52 | 21.58 | | Interest | 8.21 | 6.94 | 18.30 | 28.72 | 26.13 | 9.91 | | PBDT | 193.38 | 234.10 | -17.39 | 812.01 | 665.39 | 22.04 | | Depreciation | 49.52 | 45.16 | 9.65 | 190.79 | 179.69 | 6.18 | | PBT | 143.86 | 188.94 | -23.86 | 621.22 | 485.7 | 27.90 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 143.86 | 188.94 | -23.86 | 621.22 | 485.7 | 27.90 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 143.86 | 188.94 | -23.86 | 621.22 | 485.7 | 27.90 | | Taxation | 36.43 | 48.14 | -24.32 | 159.39 | 122.99 | 29.60 | | PAT | 107.43 | 140.8 | -23.70 | 461.83 | 362.71 | 27.33 | | Minority Interest (MI) | 0.9 | 0.02 | 4,400.00 | 5.11 | 3.53 | 44.76 | | Net profit | 106.53 | 140.78 | -24.33 | 456.72 | 359.18 | 27.16 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 106.53 | 140.78 | -24.33 | 456.72 | 359.18 | 27.16 | | EPS (Rs)* | 5.07 | 6.70 | -24.33 | 21.74 | 17.09 | 27.16 | | | * 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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