Sundram Fasteners export sales cross Rs. 1,000-crore mark

Sundram Fasteners Ltd. (SFL) of the TVS Group has achieved its best-ever sales performance during the year ended March 31, 2017. The total revenue (net of excise duty) for the year stood at Rs. 2,948.85 crores as against Rs. 2,635.56 crores. PBIDT for the whole year is at Rs. 560.43 crores (Rs. 418.91 crores), an increase of 33.8 per cent. PBT at Rs. 424.60 crores against Rs. 221.09 crores marked an increase of 92 per cent. PAT at Rs. 315.48 crores against Rs. 213.99 crores represented an increase of 47.4 per cent.

Mr. Suresh Krishna, Chairman and MD, Sundram Fasteners Ltd.

Export sales at Rs. 1,044.11 crores as against Rs. 908.12 crores were up by 15 per cent. Domestic sales, net of excise duties were at Rs. 1,837.89 crores as against Rs. 1,647.13 crores, in the light of the increase in production of passenger vehicles, utility vehicles and two-wheelers. There has also been an improvement in the offtake in aftermarket. The company’s hot forging, power train components and wind energy fasteners product lines contributed significantly to the growth in sales during the year.

SFL also fared better in the fourth quarter with total revenue of Rs. 782.95 crores (Rs. 714.72 crores), an increase of 9.5 per cent. The net profit for the quarter was at Rs. 87.66 crores (Rs. 87.20 crores). The profit performance in the fourth quarter is not comparable with the previous year since the net profit for the fourth quarter of 2015-16 has considered a write-back of tax provision to the extent of Rs. 37.17 crores due to application of the Minimum Alternate Tax.

The year under review witnessed achievement of significant milestones with the net profit crossing the Rs. 300-crore mark, which is the highest since inception of the company. In addition, earnings per share surged to a new high of Rs. 15.01 and export sales moved beyond Rs. 1,000 crores.