HYDERABAD: Auto component maker Sundram Fasteners, part of the diversified conglomerate TVS Group, on Wednesday said it has inaugurated a Rs 100-crore manufacturing facility at Sri City SEZ in Andhra Pradesh.
The plant has already begun commercial production and even shipped its first consignment to Germany this week. According to the company, the plant will produce and export high precision engineering components to a leading European manufacturer for onward supply to its global marquee OEM customers for their existing as well as new programmes.“The new unit will provide further impetus to the company’s export thrust through addition of products to its portfolio as well as diversifying its export customer base,” the company said in a statement.
Meanwhile, the company reported 9.95 per cent decline in its consolidated net profit at Rs 105 crore for the third quarter ending December 2019, as against Rs 116 crore it reported during the corresponding period a year ago. Consolidated total revenue too plunged 28 per cent to Rs 835 crore in Q3FY20 from Rs 1,159 crore in Q3FY19.On a standalone basis, its net profit fell 7.6 per cent at Rs 104 crore during the third quarter as against Rs 111 crore in the same period last year. Standalone revenue too was down 32 per cent at Rs 693 crore in Q3FY20 compared to Rs 1,019 crore during the same period the previous year. Owing to declining industry volumes, domestic sales was lower at Rs 446 crore in Q3FY20 as against Rs 608 crore a year ago, the company added.
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