CHENNAI: Chennai-based Sundram Fasteners, part of the $6.5-billion TVS group, on Wednesday posted robust financial numbers for the fourth quarter of FY17, on the back of better sales. Total revenue (net of excise duty) for the January-March 2017 period rose 9.5 per cent to Rs 782.95 crore from Rs 714.72 crore in the corresponding period a year ago.
Net profit for the quarter under review stood at Rs 87.66 crore. In the year-ago quarter, the figure was Rs 87.2 crore. The company clarified that these figures are not comparable as last year’s net profit had considered a write-back of tax provision to the extent of Rs 37.17 crore due to application of minimum alternate tax.
Sundram Fasteners manufactures high-tensile fasteners, powder metal components, cold extruded parts, hot forged components, radiator caps, automotive pumps, gear shifters, gears and couplings, hubs and shafts, among others.
Net profit for the full fiscal (FY17) was Rs 315.48 crore against Rs 213.99 crore in FY16.
“The year under review witnessed achievement of significant milestones with net profits crossing the Rs 300-crore mark, which is the highest since the inception of the company,” it said.
The firm’s total revenue for the full fiscal stood at Rs 2,948.85 crore against Rs 2,635.56 crore in the previous year. Earnings per share, too, surged to a new high of Rs 15.01, it noted.
Domestic sales, net of excise duties, were at Rs 1,837.89 crore in FY17 against Rs 1,647.13 crore in fy16, in the light of rise in production of passenger vehicles, utility vehicles and two-wheelers.