Sundram Fasteners Q4FY16 standalone net profit jumps four folds yoy to Rs.75.39 crore : Beats Estimates

The company’s standalone revenue stood at Rs. 700.81 crore, up 16.72% yoy and 14.16% qoq.

May 20, 2016 12:24 IST | India Infoline News Service
Sundram Fasteners
Sundram Fasteners, automobile parts maker, reported standalone net profit of Rs. 75.39 crore for the quarter ended March 31, 2016, registering growth of 372.07% yoy and 80.57% qoq. The company’s revenue stood at Rs. 700.81 crore, up 16.72% yoy and 14.16% qoq.

Its standalone core operating profit of Rs. 106.17 crore for the quarter, clocked growth of 59.44% yoy and 12.1% qoq. Operating profit margin for the current quarter at 15.15% expanded by 406 bps yoy but contracted by 28 bps qoq.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 211.17 crore, growing by 56.05% yoy. Its standalone revenue for the period stood at Rs. 2,606.96 crore, registering growth of 9.24% yoy.

Sundram Fasteners Ltd's core operating profit stood at Rs. 385.09 crore, recording growth of 15.49% yoy. Operating margin for the current period at 14.85% expanded by 88 bps yoy.

Note: The company  net profit has jumped significantly higher due to tax credit of Rs 35.61 crore for the quarter under review as against the tax expense of Rs.15.52 crore in the previous quarter and Rs. 5.63 crore in the crore in the corresponding quarter of the previous year.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 700.81 616.52 13.67
Standalone Net Profit 75.39 30.73 145.36

Bloomberg estimated the company’s standalone net profit at Rs. 46.40 crore.

Stock Commentary:

Sundram Fasteners Ltd is currently trading at Rs. 165.45, up by 3.9 points or 2.41% from its previous closing of Rs. 161.55 on the BSE.

The scrip opened at Rs. 161.55 and has touched a high and low of Rs. 172.95 and Rs. 161.55 respectively. So far 869259(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3394.17 crore.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 189.5 on 11-Sep-2015 and a 52 week low of Rs. 135 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 164 and Rs. 160.4 respectively.

The promoters holding in the company stood at 49.53 % while Institutions and Non-Institutions held 20.86 % and 29.61 % respectively.

The stock is currently trading below its 50 DMA.

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