Register to Subscribe



Home arrow News arrow Business News arrow Sundaram Fasteners posts an 49% increase in net profit, 61% export growth
Sundaram Fasteners posts an 49% increase in net profit, 61% export growth Print E-mail
Written by Vijay   
Thursday, 11 November 2010
Mumbai: Sundaram Fasteners recorded a stand alone revenue growth for HY1 of 42% on a YoY basis to reach Rs.871 Crores. It's net profit grew by 49% from Rs. 35.90 Crores to  Rs. 53.41 crores. Export sales for the period was Rs. 228.55 crores (Rs. 141.73 crores) an increase of 61%. Domestic sales, net of excise duties, was at Rs. 641.90 crores (Rs. 472.44 crores ) has registered an increase of 35%.

Operating expenses were at Rs.755.79 crores (Rs. 526.34 crores). The operating margin was under pressure due to higher cost of inputs, additional usage of captive power and increase in employee costs arising out of long term settlements in some of the major factories.

Gross profit before interest , depreciation and provision for taxation increased by 30% to Rs. 115.56 crores during the period (Rs. 88.79 crores).

Interest charges for the six months amounted to Rs. 10.16 crores (15.44 crores). Foreign exchange fluctuations resulted in a loss of Rs. 2.82 crores as against a gain of Rs. 3.91 crores last year.Depreciation for the six months was Rs. 26.78 crores (Rs.24.19 crores). The provision for taxes was at Rs. 22.39 crores (Rs.17.17 crores).

The net profit after tax was higher at Rs.53.41 crores (Rs. 35.90 crores), an increase  of 49%. earnings per share  ( on face value of Re. 1 per share) for the six months amounted to Rs.2.54 (Rs.1.71).

During the period ended 30th September 2010, all subsidiary companies have performed better than the previous year. Sales and other income of subsidiaries before adjustment for inter-company sales for the period ended 30th September 2010, was at Rs. 366.41 crores as against Rs. 278.50 crores during the same period the previous year.

During the period ended 30th September 2010, the subsidiaries made a profit before tax of Rs. 6.23 crores as against a net loss of Rs. 23.31 crores during the same period the previous year.

The Directors have declared an interim dividend of Re.0.55 per share (face value Re 1 each). The interim dividend and dividend distribution tax will absorb a total amount of Rs. 13.48 crores.

 
Related news
More recent
Earlier on
< Prev   Next >

Sponsors

Mazak - The world's largest machine tool builder
JYOTI - India's most dynamic machine builder
TaeguTec - Cost effective tooling solutions
Advertisement

<< SHARE

Social

AD

Subscribe

Subscribe to MACHINIST by Email

Search

 
RSS 1.0
© 2019 MACHINIST
This site is best viewed with Firefox 2.0 or higher at a minimum screen resolution of 1024x768