Sundaram Fasteners Q3FY23 net profit rises to INR 118 Crores

Sundram Fasteners (SFL) reported a net profit of INR 106.13 crore for the quarter ended December 31, 2022 as against net profit of INR 103.34 Crores during the same period in the previous year. Revenue from operations stood at INR 1,226.87 crores for the quarter ended December 31, 2022 as against INR 1,024.25 crores during the same period in the previous year, registering a growth of 19.8 per cent.

Company’s domestic sales for the quarter ended December 31, 2022 were at INR 813.38 crores as against INR 658.37 crores during the previous year, posting a robust growth of 23.5 per cent. Exports sales for the quarter ended December 31, 2022 were at INR 364.64 crores as against INR 335.95 crores, posting an increase of 8.5%.

The company has sustained earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2022 at INR 188.19 crores as against INR 180.04 crores during the same period in the previous year. The margins have been under pressure during the period ended December 31, 2022 due to the increase in prices of raw materials.

The Profit before Tax (PBT) for the quarter ended December 31, 2022 was at INR 142.05 crores as against INR 138.48 crores during the same period in the previous year. Earnings per share for the quarter ended December 31, 2022 amounted to INR 5.05 and was INR 4.91 in the corresponding period last year.

SFL’s Domestic and Overseas subsidiaries have registered a good performance during the nine months period ended December 31, 2022. The company’s consolidated revenue from operations posted for the quarter ended December 31, 2022 was at INR 1,403.03 crores as against INR 1,207.53 Crores during the same period in the previous year, an increase of 16.2%.

The consolidated net profit for the quarter ended December 31, 2022 was at INR 118.07 crores as against net profit of INR 110.00 Crores during the same period in the previous year. The consolidated earnings per share (EPS) for the quarter ended December 31, 2022 amounted to INR 5.57 and was INR 5.15 in the corresponding period last year.

Commenting on the results, Arathi Krishna, Managing Director, Sundram Fasteners said, “We have progressed well despite the ongoing macroeconomic challenges. We thank our employees, suppliers and customers for the continued trust and will strive to deliver continued performance.”