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Sundram Fasteners (SFL) is a part of the TVS Group, headquartered in Chennai, India. The product range consists of high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, hubs and shafts, tappets and iron powder. Over the years, the company has acquired cutting-edge technological competencies in forging, metal forming, close-tolerance machining, heat treatment, surface finishing and assembly.
March 2014 quarter results
For the quarter ended March 2014, it registered a 8% growth in sales to Rs 520.62 crore. OPM improved 60 basis points to 13.8% which saw OP rising 14% to Rs 72.06 crore.
Other income grew 10% to Rs 6.17 and interest cost fell 46% to Rs 9.86 crore.
Interest cost includes forex loss. Individually, interest cost has fallen 16% to Rs 7.05 crore and forex loss was down 71% to Rs 2.81 crore.
As depreciation grew 9% to Rs 18.77 crore, PBT grew 48% to Rs 49.60.50 crore.
EO loss was Rs 10 crore against Rs 10.13 crore. Thus PBT after EO grew 69% to Rs 39.60 crore.
Tax grew 72% to Rs 12.15 crore after which PAT ended up 67% to Rs 27.45 crore.
FY 2014 results
For FY 2014, sales fell 2% to Rs 2022.28 crore. OPM improved 70 basis points to 13.2%. Thus OP was up 3% to Rs 266.12 crore.
Exports grew 12% to Rs 761.97 crore and Domestic sales fell 9% to Rs 1220.42 crore.
Other income grew 85% to Rs 48.72 crore.
Other income includes froex gain of Rs 30.52 crore against Rs 14.38 crore.
Interest cost fell 28% to Rs 58.58 crore.
Interest cost includes forex loss. Individually, interest cost has fallen 25% to Rs 30.75 crore and forex loss was down 31% to Rs 27.83 crore.
As depreciation grew 21% to Rs 86.37 crore, PBT grew 30% to Rs 169.89 crore.
EO loss was Rs 10 crore against a gain of Rs 1.31 crore. Thus PBT after EO grew 21% to Rs 159.89 crore.
EO loss is the provision for diminution in value of investments.
Provision for tax grew 6% to Rs 39.00 crore, after which PAT grew 27% to Rs 120.89 crore.
Consolidated FY 2014 performance
For FY 2014, on consolidated basis, sales had grown 3% to Rs 2736.20 crore and PAT jumped 30% to Rs 120.77 crore.
Valuation
The share price trades at Rs 85
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