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Our Bureau

Chennai, Oct. 29

Sundram Fasteners Ltd doubled its net profit to Rs 18.87 crore for the quarter ending September against Rs 9.17 crore recorded in the same quarter previous year, despite the company’s sales dropping 14 per cent to Rs 331 crore (Rs 388 crore) in the quarter.

Company sources told Business Line that net profit increased despite a decline in topline, because foreign exchange losses were contained at Rs 2.85 crore in the quarter under review against Rs 20.19 crore in the same period last year.

Exports continued to be sluggish while the domestic market was good in October due to festival season. However, the performance of third and fourth quarters depends upon the off-take by customers in the following months.

“There is no reason to feel pessimistic about that,” sources added.

For the half year the exchange fluctuations on foreign currency loans resulted in a gain of Rs 3.91 crore against a loss of Rs 40.20 crore.

Operating expenses for the half year were at Rs 526.34 crore against Rs 639.65 crore last year. Interest charge was Rs 15.44 crore (Rs 18.56 crore).

More Stories on : Automobile Components

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