Results     09-Nov-22
Analysis
Sundram Fasteners
NP down 5.87%
For the quarter ending sept 2022, consolidated net sales (including other operating income) of Sundram Fasteners has increased 12.83% to Rs 1401.65 crore compared to quarter ended sept 2021.  Operating profit margin has declined from 17.58% to 14.60%, leading to 6.29% decline in operating profit to Rs 204.69 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 42.40% to 45.09%.   Employee cost decreased from 9.46% to 8.82%.   Other expenses rose from 31.06% to 31.98%.   

Other income rose 452.27% to Rs 9.72 crore.  PBIDT fell 2.62% to Rs 214.41 crore.  Provision for interest rose 38.77% to Rs 8.09 crore.  Loan funds declined from Rs 781.55 crore as of 30 September 2021 to Rs 727.55 crore as of 30 September 2022.  Inventories rose to Rs 915.71 crore as of 30 September 2022 from Rs 806.84 crore as of 30 September 2021.  Sundry debtors were higher at Rs 1,109.40 crore as of 30 September 2022 compared to Rs 897.38 crore as of 30 September 2021.  Cash and bank balance rose to Rs 71.98 crore as of 30 September 2022 from Rs 38.75 crore as of 30 September 2021.  Investments rose to Rs 78.80 crore as of 30 September 2022 from Rs 67.16 crore as of 30 September 2021 .  

PBDT fell 3.75% to Rs 206.32 crore.  Provision for depreciation rose 4.36% to Rs 49.33 crore.  Fixed assets declined from Rs 2,055.74 crore as of 30 September 2021 to Rs 2,032.75 crore as of 30 September 2022.  Intangible assets declined from Rs 7.08 crore to Rs 3.34 crore.  

Profit before tax down 6.04% to Rs 156.99 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 40.21 crore, compared to Rs 43.17 crore.  Effective tax rate was 25.61% compared to 25.84%.

Minority interest increased 4.20% to Rs 1.49 crore.  Net profit attributable to owners of the company decreased 5.87% to Rs 115.29 crore.  

Equity capital stood at Rs 21.01 crore as of 30 September 2022 to Rs 21.01 crore as of 30 September 2021.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 48.51% as of 30 September 2022 ,compared to 49.53% as of 30 September 2021 .  
 

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Sundram Fasteners has increased 19.41% to Rs 2811.77 crore.  

Operating profit margin has declined from 17.79% to 15.30%, leading to 2.71% rise in operating profit to Rs 430.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.94% to 45.06%.   Employee cost decreased from 9.82% to 8.77%.   Other expenses rose from 31.05% to 31.16%.   

Other income rose 12.76% to Rs 21.3 crore.  PBIDT rose 3.14% to Rs 451.52 crore.  Provision for interest rose 25.18% to Rs 17 crore.  Loan funds declined from Rs 781.55 crore as of 30 September 2021 to Rs 727.55 crore as of 30 September 2022.  Inventories rose to Rs 915.71 crore as of 30 September 2022 from Rs 806.84 crore as of 30 September 2021.  Sundry debtors were higher at Rs 1,109.40 crore as of 30 September 2022 compared to Rs 897.38 crore as of 30 September 2021.  Cash and bank balance rose to Rs 71.98 crore as of 30 September 2022 from Rs 38.75 crore as of 30 September 2021.  Investments rose to Rs 78.80 crore as of 30 September 2022 from Rs 67.16 crore as of 30 September 2021 .  

PBDT rose 2.44% to Rs 434.52 crore.  Provision for depreciation rose 4.35% to Rs 97.96 crore.  Fixed assets declined from Rs 2,055.74 crore as of 30 September 2021 to Rs 2,032.75 crore as of 30 September 2022.  Intangible assets declined from Rs 7.08 crore to Rs 3.34 crore.  

Profit before tax grew 1.90% to Rs 336.56 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 81.75 crore, compared to Rs 85.9 crore.  Effective tax rate was 24.29% compared to 26.01%.

Minority interest increased 53.51% to Rs 3.50 crore.  Net profit attributable to owners of the company increased 3.80% to Rs 251.31 crore.  

Equity capital stood at Rs 21.01 crore as of 30 September 2022 to Rs 21.01 crore as of 30 September 2021.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 48.51% as of 30 September 2022 ,compared to 49.53% as of 30 September 2021 .  

Cash flow from operating activities decreased to Rs 141.76 crore for YTD ended September 2022 from Rs 142.43 crore for YTD ended September 2021.  Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 80.35 crore, compared to Rs 126.85 crore during the YTD ended September 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 49.69% 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

In Q2 FY23, domestic sales were at Rs 802.45 crore as against Rs 663.26 crore in Q2 FY22, posting a robust growth of 21% YoY.

The export sales in Q2 FY23 stood at Rs 377.78 crore as against Rs 362.81 crore in Q2 FY22, an increase of 4.1% YoY.

The Board declared an interim dividend of Rs 3.57 per share (357%) for the financial year 2022-2023. The Board further declared an additional special dividend of Rs 2 per share (200%) to commemorate the 60thyear of incorporation of the Company. Record Date for the same is November 18, 2022.

Board approved the scheme of amalgamation of Sunfast TVS and TVS Engineering with Sundram Fasteners and their respective shareholders. The amalgamation will facilitate operational synergies, efficient allocation of capital and provide a platform for integration of the defence and aerospace business of the Company.


Sundram Fasteners : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202209202109Var.(%)202209202109Var.(%)202203202103Var.(%)
Net Sales (including other operating income)1,401.651,242.2612.832,811.772,354.6919.414,902.063,644.2934.51
OPM (%)14.6017.58-298 bps15.3017.79-249 bps16.3518.22-188 bps
OP204.69218.42-6.29430.22418.872.71801.39664.1220.67
Other Inc.9.721.76452.2721.3018.8912.7639.3427.4043.58
PBIDT214.41220.18-2.62451.52437.763.14840.73691.5221.58
Interest8.095.8338.7717.0013.5825.1828.7226.139.91
PBDT206.32214.35-3.75434.52424.182.44812.01665.3922.04
Depreciation49.3347.274.3697.9693.884.35190.79179.696.18
PBT156.99167.08-6.04336.56330.31.90621.22485.727.90
Share of Profit/(Loss) from Associates00-00-00-
PBT before EO156.99167.08-6.04336.56330.31.90621.22485.727.90
EO Income00-00-00-
PBT after EO156.99167.08-6.04336.56330.31.90621.22485.727.90
Taxation40.2143.17-6.8681.7585.9-4.83159.39122.9929.60
PAT116.78123.91-5.75254.81244.44.26461.83362.7127.33
Minority Interest (MI)1.491.434.203.52.2853.515.113.5344.76
Net profit115.29122.48-5.87251.31242.123.80456.72359.1827.16
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations115.29122.48-5.87251.31242.123.80456.72359.1827.16
EPS (Rs)*5.495.83-5.8711.9611.523.8021.7417.0927.16
* 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


Previous News
  Sundram Fasteners
 ( Results - Analysis 23-May-24   09:28 )
  Sundram Fasteners
 ( Results - Analysis 03-Feb-24   09:54 )
  Sundram Fasteners
 ( Results - Analysis 29-Jul-22   16:13 )
  Sundram Fasteners receives credit ratings for ST debt instruments
 ( Corporate News - 15-Nov-23   13:57 )
  Sundram Fasteners consolidated net profit rises 13.69% in the June 2022 quarter
 ( Results - Announcements 29-Jul-22   16:09 )
  CRISIL reaffirms rating of Sundram Fasteners' debt instruments
 ( Hot Pursuit - 24-Sep-22   09:33 )
  Sundram Fasteners receives affirmation in ST credit ratings
 ( Corporate News - 22-Mar-23   11:47 )
  Sundram Fasteners consolidated net profit declines 24.33% in the March 2022 quarter
 ( Results - Announcements 23-Apr-22   07:56 )
  Sundram Fasteners announces board meeting date
 ( Corporate News - 26-Oct-23   10:06 )
  Sundram Fasteners
 ( Results - Analysis 12-Jun-20   13:26 )
  Sundram Fasteners receives affirmation in credit ratings from CRISIL
 ( Corporate News - 08-Feb-21   18:01 )
Other Stories
  Apollo Hospitals Enterprise
  04-Jun-24   10:04
  ITL Industries
  01-Jun-24   02:14
  International Combustion (India)
  31-May-24   11:32
  Fluidomat
  31-May-24   11:28
  ISGEC Heavy Engineering
  31-May-24   11:24
  Sreeleathers
  31-May-24   11:20
  Cummins India
  31-May-24   11:18
  Bata India
  31-May-24   09:55
  Tata Steel
  31-May-24   08:36
  India Nippon Electricals
  31-May-24   07:03
Back Top