Sundram Fasteners' consolidated profit falls y-o-y by 6%

9 Nov 2022 , 02:47 PM

Sundram Fasteners (SFL), a leading manufacturer of automotive components, reported a 6% decline in its consolidated net profit for the second quarter of the fiscal year 2022—23, coming in at Rs116.78 crore as opposed to Rs123.91 crore for the same period the previous fiscal year.

The business's revenue for the three months that ended on September 30 of this year was Rs1,401.65 crore, up 13% from Rs1,242.26 crore during the same period last year. For the quarter that ended on September 30, 2022, the consolidated profits per share (EPS) were Rs5.49, compared to Rs5.83 during the same time last year.

The plan to combine Sunfast TVS, TVS Engineering, and Sundram Fasteners with their shareholders was authorised by the company's board. According to a company statement released on Wednesday, the merger will "enable operational efficiencies, effective capital allocation, and create a platform for integration of the Company's defence and aerospace sector."

Sundaram Fasteners reported a 7% decrease in net profit on an individual basis from the same quarter the previous year to Rs120 crore, or Rs112 crore. Domestic sales increased significantly by 21% during the quarter that ended on September 30, 2022, rising to Rs802.45 crore from Rs663.26 crore in the prior year. For the three months that concluded on September 30, 2022, export sales increased by 4.1% to Rs377.78 crore from Rs362.81 crore.

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