Sundram Fasteners Ltd's Q1FY19 standalone net profit rises 18% yoy to Rs106cr: Beats Estimates

The company’s standalone revenue stood at Rs971cr, up 22% yoy and 3% qoq.

Aug 09, 2018 10:08 IST India Infoline Research Team

Sundram Fasteners Ltd Q1FY19

Standalone Results Q1FY19: (Rs. in cr)

Q1FY19 YoY (%)
Revenue 970.97 22.4
EBITDA 176.59 19.6
EBITDA Margin (%) 18.2 [42]
Net Profit (adjusted) 106.18 17.8
***EBITDA margin change is bps

Sundram Fasteners Limited (SFL) reported better than expected numbers for Q1FY19 on all three fronts – revenue, EBITDA, and PAT. Standalone revenue was up 22% yoy (up 3% qoq) at Rs971cr, better than consensus estimate of Rs950cr. However, higher input costs led to some pressure on operating performance. EBITDA was up 20% yoy (7% qoq) at Rs177cr, slightly better than consensus estimate of Rs171cr. The EBITDA margin contracted 42bps yoy (expanded 64bps qoq) to 18.2%. Standalone PAT was up 18% yoy (12% qoq) at Rs106cr. This was significantly higher than consensus estimate of 97cr.

Other Highlights
  • Export revenue for the quarter was up 12% yoy at Rs322cr in Q1FY19 against Rs288cr in Q1FY18.
  • Tax rate for the quarter was 31% against 28% in Q1FY18 and 35% in Q4FY18.

Technical View:

Sundram Fasteners Ltd is currently trading at Rs. 636, down by 5.7 points or 0.89% from its previous closing of Rs. 641.70 on the BSE.
The scrip opened at Rs. 648.75 and has touched a high and low of Rs. 651 and Rs. 631 respectively. So far 1,33,877 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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