For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Sundram Fasteners has increased 1.28% to Rs 1466.48 crore compared to quarter ended March 2023.Operating profit margin has declined from 15.68% to 15.57%, leading to 0.60% rise in operating profit to Rs 228.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.09% to 40.48%. Employee cost increased from 9.10% to 9.49%. Other expenses rose from 32.10% to 34.37%. Other income rose 219.66% to Rs 11.22 crore. PBIDT rose 3.94% to Rs 239.55 crore. Provision for interest fell 36.53% to Rs 8.08 crore. Loan funds declined from Rs 730.29 crore as of 31 March 2023 to Rs 646.54 crore as of 31 March 2024. Inventories rose to Rs 947.77 crore as of 31 March 2024 from Rs 923.42 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,247.25 crore as of 31 March 2024 compared to Rs 1,144.57 crore as of 31 March 2023. Cash and bank balance declined from Rs 86.98 crore as of 31 March 2023 to Rs 35.32 crore as of 31 March 2024. Investments rose to Rs 137.28 crore as of 31 March 2024 from Rs 102.30 crore as of 31 March 2023 .
PBDT rose 6.30% to Rs 231.47 crore. Provision for depreciation rose 6.38% to Rs 53.35 crore. Fixed assets increased to Rs 2,260.09 crore as of 31 March 2024 from Rs 2,090.52 crore as of 31 March 2023. Intangible assets stood at Rs 3.34 crore.
Profit before tax grew 6.28% to Rs 178.12 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 43.71 crore, compared to Rs 40.13 crore. Effective tax rate was 24.54% compared to 23.94%.
Minority interest decreased 22.52% to Rs 0.86 crore. Net profit attributable to owners of the company increased 5.69% to Rs 133.55 crore. Equity capital stood at Rs 21.01 crore as of 31 March 2024 to Rs 21.01 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 48.51% as of 31 March 2024 ,compared to 48.51% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Sundram Fasteners has increased 0.06% to Rs 5666.31 crore. Operating profit margin has jumped from 15.07% to 15.65%, leading to 3.89% rise in operating profit to Rs 886.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.60% to 41.75%. Employee cost increased from 9.06% to 9.75%. Other expenses rose from 31.44% to 32.90%. Other income rose 20.76% to Rs 54.16 crore. PBIDT rose 4.74% to Rs 940.86 crore. Provision for interest fell 19.40% to Rs 31.99 crore. Loan funds declined from Rs 730.29 crore as of 31 March 2023 to Rs 646.54 crore as of 31 March 2024. Inventories rose to Rs 947.77 crore as of 31 March 2024 from Rs 923.42 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,247.25 crore as of 31 March 2024 compared to Rs 1,144.57 crore as of 31 March 2023. Cash and bank balance declined from Rs 86.98 crore as of 31 March 2023 to Rs 35.32 crore as of 31 March 2024. Investments rose to Rs 137.28 crore as of 31 March 2024 from Rs 102.30 crore as of 31 March 2023 .
PBDT rose 5.85% to Rs 908.87 crore. Provision for depreciation rose 7.76% to Rs 213.33 crore. Fixed assets increased to Rs 2,260.09 crore as of 31 March 2024 from Rs 2,090.52 crore as of 31 March 2023. Intangible assets stood at Rs 3.34 crore.
Profit before tax grew 5.28% to Rs 695.54 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 169.9 crore, compared to Rs 160.31 crore. Effective tax rate was 24.43% compared to 24.27%.
Minority interest decreased 30.04% to Rs 3.96 crore. Net profit attributable to owners of the company increased 5.46% to Rs 521.68 crore.
Equity capital stood at Rs 21.01 crore as of 31 March 2024 to Rs 21.01 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 48.51% as of 31 March 2024 ,compared to 48.51% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 588.72 crore for year ended March 2024 from Rs 468.96 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 399.54 crore, compared to Rs 238.53 crore during the year ended March 2023.
Other Highlights
The
board declared second Interim Dividend of Rs 4.17 per
share of Re 1 each for the financial year ended March 31, 2024. Record date for
the purpose in 3 June 2024.
In
Q4 FY24,