For
the quarter ending June 2022, consolidated net sales (including other operating income) of Sundram Fasteners has increased 26.76% to Rs 1410.12 crore compared to quarter ended june 2021. Operating profit margin has declined from 18.02% to 15.99%, leading to 12.51% rise in operating profit to Rs 225.53 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.43% to 45.03%. Employee cost decreased from 10.21% to 8.72%. Other expenses fell from 31.04% to 30.33%. Other income fell 32.40% to Rs 11.58 crore. PBIDT rose 8.98% to Rs 237.11 crore. Provision for interest rose 14.97% to Rs 8.91 crore.
PBDT rose 8.75% to Rs 228.2 crore. Provision for depreciation rose 4.33% to Rs 48.63 crore.
Profit before tax grew 10.02% to Rs 179.57 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 41.54 crore, compared to Rs 42.73 crore. Effective tax rate was 23.13% compared to 26.18%.
Minority interest increased 136.47% to Rs 2.01 crore. Net profit attributable to owners of the company increased 13.69% to Rs 136.02 crore. Promoters’ stake was 49.69% as of 30 June 2022 ,compared to 49.53% as of 30 June 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 2,056.91 crore as of 31 March 2022 from Rs 2,036.95 crore as of 31 March 2021. Intangible assets increased from Rs 3.34 crore to Rs 7.66 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 49.69% as of 31 March 2022 ,compared to 49.53% as of 31 March 2021 .
Cash flow from operating activities decreased to Rs 401.18 crore for year ended March 2022 from Rs 454.04 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 203.73 crore, compared to Rs 194.93 crore during the year ended March 2021.
Other Highlights
The domestic sales for the quarter ended
June 30, 2022 were at Rs 798.50 crore as against Rs 559.93 crore during the
previous year, an increase of 42.6% YoY.
The export sales for the quarter ended June
30, 2022 were at Rs 405.76 crore as against Rs 356.33 crore, posting an
increase of 13.90%.
The Company has planned an investment of Rs
350 Crore over a period of five years for manufacturing Advanced Automotive
Technology Components like powertrain sub-assemblies for Electric Vehicles (EV)
and select Internal Combustion Engine (ICE) vehicles. The investments proposed
to be made in this direction are expected to provide a major thrust to the
Company`s exports in the years to come.
To meet the surge in demand, the Company
proposes to make additional investments of Rs 300 Crore in wind energy business
over the next two years.