For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Sundram Fasteners has increased 0.05% to Rs 1410.76 crore compared to quarter ended June 2022. Operating profit margin has jumped from 15.99% to 16.05%, leading to 0.38% rise in operating profit to Rs 226.38 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.03% to 41.71%. Employee cost increased from 8.72% to 9.91%. Other expenses rose from 30.33% to 32.21%. Other income fell 61.05% to Rs 4.51 crore. PBIDT fell 2.62% to Rs 230.89 crore. Provision for interest rose 8.19% to Rs 9.64 crore.
PBDT fell 3.05% to Rs 221.25 crore. Provision for depreciation rose 6.64% to Rs 51.86 crore.
Profit before tax down 5.67% to Rs 169.39 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 40.65 crore, compared to Rs 41.54 crore. Effective tax rate was 24.00% compared to 23.13%.
Minority interest decreased 43.28% to Rs 1.14 crore. Net profit attributable to owners of the company decreased 6.19% to Rs 127.60 crore. Promoters’ stake was 48.51% as of 30 June 2023 ,compared to 49.69% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Sundram Fasteners has increased 15.52% to Rs 5662.75 crore. Operating profit margin has declined from 16.35% to 15.07%, leading to 6.50% rise in operating profit to Rs 853.47 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.33% to 44.60%. Employee cost decreased from 9.70% to 9.06%. Other expenses rose from 30.99% to 31.44%. Other income rose 14.01% to Rs 44.85 crore. PBIDT rose 6.85% to Rs 898.32 crore. Provision for interest rose 38.20% to Rs 39.69 crore. Loan funds declined from Rs 771.68 crore as of 31 March 2022 to Rs 730.29 crore as of 31 March 2023. Inventories rose to Rs 923.42 crore as of 31 March 2023 from Rs 820.08 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,144.57 crore as of 31 March 2023 compared to Rs 1,005.04 crore as of 31 March 2022. Cash and bank balance rose to Rs 86.98 crore as of 31 March 2023 from Rs 71.31 crore as of 31 March 2022. Investments rose to Rs 102.30 crore as of 31 March 2023 from Rs 76.93 crore as of 31 March 2022 .
PBDT rose 5.74% to Rs 858.63 crore. Provision for depreciation rose 3.76% to Rs 197.97 crore. Fixed assets increased to Rs 2,086.99 crore as of 31 March 2023 from Rs 2,061.23 crore as of 31 March 2022. Intangible assets increased from Rs 3.34 crore to Rs 6.87 crore.
Profit before tax grew 6.35% to Rs 660.66 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 160.31 crore, compared to Rs 159.39 crore. Effective tax rate was 24.27% compared to 25.66%.
Minority interest increased 10.76% to Rs 5.66 crore. Net profit attributable to owners of the company increased 8.31% to Rs 494.69 crore.
Equity capital stood at Rs 21.01 crore as of 31 March 2023 to Rs 21.01 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 48.51% as of 31 March 2023 ,compared to 49.69% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 468.96 crore for year ended March 2023 from Rs 401.18 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 238.53 crore, compared to Rs 203.73 crore during the year ended March 2022.
Other Highlights
In Q1 FY24, domestic sales were at Rs
821.97 crore as against Rs 798.5 crore in Q1 FY23, posting a growth of 2.92%
YoY.
The export sales were impacted by the
slowdown in the US market. The export sales for the quarter ended June 30, 2023
were at Rs 347.99 crore as against Rs. 405.76 crore during the previous year.
The Company has incurred capital
expenditure for the quarter ended June 30, 2023 in line with its planned
capital expenditure of Rs 300 crore for the financial year 2023-24.