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Sundram Fasteners Ltd reports earnings for Q3, 9MFY2020

Posted On: 2020-01-29 15:44:49

Sundram Fasteners Limited (Standalone) has posted a net profit of Rs. 103.06 crores for the quarter ended December 31, 2019, despite a economic slow down in the auto industry.

The Company has posted a healthy EBITDA percentage of 18% due to the operational efficiencies and cost control measures.

Standalone Financials

Revenue from the operations of Sundram Fasteners Limited for the quarter ended December 31, 2019 was at Rs. 692.80 crores as against Rs. 1,018.84 crores during the same period in the previous year.

Due to the drop in industry volumes, the domestic sales was also lower at Rs. 446.05 crores as against Rs. 608.48 crores during the same period in the previous year.

The export sales for the quarter ended was at Rs. 224.18 crores as against Rs. 370.67 crores during the same period in the previous year.

The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2019 was at Rs. 124.54 crores as against Rs. 195.15 crores during the same period in the previous year.

The tax expenses for the quarter includes a credit towards restatement of deferred tax liability pursuant to amendment to tax laws in terms of which the Company has chosen to adopt the lower rate of corporate tax.

The net profit of SFL (standalone) for the quarter ended December 31, 2019 was at Rs. 103.06 crores as against Rs. 111.53 crores.

The Earnings per share for the quarter ended December 31, 2019 amounted to Rs. 4.90 (Last year same period Rs. 5.31).

Consolidated Financials

The company's consolidated total revenues for the quarter ended December 31, 2019 was at Rs 834.94 crores (Rs. 1,158.70 crores). The consolidated net profit was at Rs 104.92 crores (Rs. 116.52 crores).

The consolidated earnings per share (EPS) for the quarter ended December 31, 2019 were at Rs. 4.96 (Last year same period Rs. 5.53).

Unit at Sri City, SEZ

Sundram Fasteners Limited has set up a new SEZ Unit at Sri City, Andhra Pradesh with an initial investment of Rs 100 Crores.

The Unit has been set up to manufacture and export high precision engineering components to a leading European manufacturer for onward supply to its global marquee OEM customers for their existing as well as new programs.

The Unit has commenced commercial production and has made the first shipment to Germany on January 27, 2020.

The new Unit will provide further impetus to the Company's export thrust through addition of products to its portfolio as well as diversifying its export customer base.

Shares of SUNDRAM FASTENERS LTD. was last trading in BSE at Rs.517.1 as compared to the previous close of Rs. 512.8. The total number of shares traded during the day was 1752 in over 280 trades.

The stock hit an intraday high of Rs. 519.2 and intraday low of 510. The net turnover during the day was Rs. 903353.


Source: Equity Bulls

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