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Sunday, November 13, 2011

Sundram Fasteners HY1 Exports record YoY growth of 37% at Rs 314 Crore

Sundram Fasteners HY1 Exports record YoY growth of 37% at Rs 314 CrorePrintE-mail
Written by Krishna Kumar
Friday, 11 November 2011
Chennai: Sundram Fasteners Limited recorded export sales of Rs. 313.57 crore for the half year ended September 30, 2011 as against Rs. 228.55 crore achieved during the same period in the previous year, an increase of 37 percent. Domestic sales, net of excise duties, has registered an increase of 17% at Rs. 753.07 crore (Rs. 641.90 crore) . Operating expenses were at Rs. 911.45 crore (Rs. 755.79 crore).

Sales and other income of Sundram Fasteners Limited, increased by 23% to Rs. 1067.74 crore for the half year ended September 30, 2011 as against Rs. 871.35 crore achieved during the same period in the previous year.

Despite pressure on margin due to increase in costs, Gross Profit before interest, depreciation and provision for taxation increased by 35% to Rs.156.29 crore during the period (Rs. 115.56 crore).

Interest charges for the six months amounted to Rs 15.82 crore (Rs 10.16 crore).

During the period ended 30th September 2011, all subsidiary companies have Performed better than previous year. Sales and other income of subsidiaries before adjustment for intercompany sales for period ended 30th September 2011 was at Rs. 491.54 crore as against Rs. 366.41 crore during the same period in the previous year.

The company's factory at Special Economic Zone, Mahindra City has commenced the production and supply of Sprockets. The company's facility at Mittarnandagapet in Tarnilnadu for manufacture of fasteners for use in Wind Energy Generators is expected to commence production during 3'd Quarter of this year.

During the period ended 30th September 2011, the subsidiaries made a profit before tax of Rs.9.73 crore as against Rs.6.23 crore during the same period in the previous year.

Foreign exchange fluctuations resulted in a charge of Rs. 32.91 crore as against a charge of Rs 2.82 crore last Year on account of rapid depreciation in rupee vis4-vis US dollar. A major portion of the exchange fluctuation loss relates to long term loans and has no immediate impact on Cash flows as It is merely a book adjustment arising out of restatement as on 30th September, 2011.

Depreciation for the six months was Rs. 31.59 crore (Rs. 26.78 crore). The provision for taxes was at Rs. 22.61 crore (Rs. 22.39 crore). The net profit after tax was marginally lower at Rs.53.36 crore (Rs.- 53.41 crore). Earnings per share (on face value of Re 1 per share) for the six months amounted to Rs. 2.54 (Rs. 2.54).

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