Sundram Fasteners Ltd. (SFL) put up a better performance for the quarter ended June 30, 2014. Profit after tax was up by 29.40 per cent as compared to the same period last year, EBIDTA by 14.97 per cent, sales & operating income up by 10.52 per cent, and export sales increased by 29.82 per cent to Rs. 227.89 crores (Rs. 175.54 crores).
Pursuant to the Companies Act 2013, the management has provisionally reassessed the useful life of fixed assets. The depreciation charge for the quarter ended June 30, 2014, is higher by Rs. 675 lakhs as compared with the depreciation at rates prevalent in the previous year.
The company’s sales and operating income for the quarter increased by 10.52 per cent to Rs. 578.61 crores (Rs. 523.53 crores). Gross profit before interest, depreciation and tax was Rs. 92.94 crores (Rs. 80.84 crores), an increase of 14.97 per cent.
Interest for the quarter amounted to Rs. 5.54 crores (Rs. 8.57 crores), while the exchange loss on foreign currency loans amounted to Rs. 7.27 crores (Rs. 14.11 crores).
Earnings per share (on the face value of Re. 1 per share) for the period amounted to Rs. 1.81 compared to Re. 1.40 in the corresponding quarter in the previous year.