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Sundram Fasteners shows Rs 500 Cr profit in audited financial results for FY23
Industry News- May 10,23
The board of directors of Sundram Fasteners Limited announced the audited financial results for the year ended March 31, 2023. It showed the twin milestones of crossing consolidated revenues of Rs 5,000 crores and net profit of Rs 500 crores by the company.
Arathi Krishna, Managing Director, Sundram Fasteners
Standalone Financials
The revenue from operations was at Rs 1,234.73 crores for the quarter ended March 31, 2023 as against Rs 1,146.44 crores during the same period in the previous year, registering a growth of 7.70 per cent. The domestic sales for the quarter ended March 31, 2023 were at Rs 820.71 crores as against Rs 749.66 crores during the previous year, posting an increase of 9.48 per cent. Whereas the export sales for the quarter ended March 31, 2023 were at Rs 380.77 crores as against Rs 366.01 crores, a growth of 4.03 per cent.
The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended March 31, 2023 was at Rs 201.30 crores as against Rs 178.31 crores during the same period in the previous year, showing an increase of 12.89 per cent. The Company has posted and sustained EBITDA per cent on revenue from operations at 16.2 per cent as against 15.4 per cent during the same period in the previous year.
The profit before tax (PBT) for the quarter ended March 31, 2023 was at Rs 153.33 crores as against Rs 105.49 crores during the same period in the previous year, registering a growth of 45.35 per cent. The net profit for the quarter ended March 31, 2023 was at Rs 116.41 crores as against net profit of Rs 71.41 crores during the same period in the previous year, posting an increase of 63.02 per cent. Earnings per share for the quarter ended March 31, 2023 amounted to Rs 5.54 and were Rs 3.40 in the corresponding period last year.
Financial year ended March 31, 2023: The revenue from operations was at Rs 4,919.43 crores for the year ended March 31, 2023 as against Rs 4,172.57 crores in the previous year, registering a significant growth of 17.90 per cent. The domestic sales for the year ended March 31, 2023 were at Rs. 3,235.04 crores as against Rs 2,631.22 crores during the previous year, recording a growth of 22.95 per cent on the back of an increase in domestic demand. Despite the headwinds in global markets, the export sales for the year ended March 31, 2023 were at Rs. 1,528.95 crores as against Rs 1,421.09 crores during the previous year.
The earnings before interest, depreciation and taxes (EBITDA) for the year ended March 31, 2023 was at Rs 797.58 crores as against Rs 752.18 crores in the previous year, showing an increase of 6.04 per cent. The company has posted EBITDA per cent on revenue from operations at 16.1 per cent as against 17.9 per cent, despite facing pressures due to an increase in commodity prices, which was mitigated through price increases realised from the customers and improvement in operational efficiency.
The finance cost for the year ended March 31, 2023, after accounting for exchange variation, was at Rs 24.63 crores, as against Rs 13.39 crores during the previous year. The constant increase in lending rate by the banks during the year coupled with the depreciating rupee has led to higher borrowing costs. The company continues to exercise prudence in its borrowings and management of working capital requirements.
The profit before tax (PBT) for the year ended March 31, 2023 was at Rs 615.93 crores as against Rs 555.96 crores during the previous year, an increase of 10.79 per cent. The net profit for the year ended March 31, 2023 was at Rs 464.40 crores as against Rs 407.46 crores in the previous year, an increase of 13.97 per cent. The earnings per share for the year ended March 31, 2023 amounted to Rs 22.10 compared to Rs 19.39 in the previous year.
Consolidated Financials
The company’s consolidated revenue from operations posted for the quarter ended March 31, 2023 was at Rs 1,447.95 crores as against Rs 1,339.84 crores during the same period in the previous year. The consolidated net profit for the quarter ended March 31, 2023 was at Rs 127.47 crores as against net profit of Rs 107.43 crores during the same period in the previous year, an increase of 18.65 per cent. The consolidated earnings per share (EPS) for the quarter ended March 31, 2023 amounted to Rs 6.01 and were Rs 5.07 in the corresponding period last year.
The company’s domestic and overseas subsidiaries have registered a good performance during the year ended March 31, 2023. The company’s consolidated revenue from operations posted for the year ended March 31, 2023 was at Rs 5,662.75 crores as against Rs 4,902.06 crores during the same period in the previous year, recording a growth of 15.52 per cent. The consolidated net profit for the year ended March 31, 2023 was at Rs 500.35 crores as against net profit of Rs 461.83 crores during the same period in the previous year.
The company incurred Rs 212.94 crores towards capital expenditure as part of capacity expansion of existing lines of business and new projects. The capital expenditure was incurred to augment capacities for meeting the increase in the volume of business in tandem with the production plans of key customers. The company has transferred Rs 175 Crores to reserves.
The Directors have declared a second interim dividend of Rs 3.06 per share (306 per cent), which, together with the first interim dividend of Rs 3.57 per share and a special dividend of Rs 2.00 per share (for commemorating the 60th year of incorporation) declared and paid in November 2022, would amount to a total dividend of Rs 8.63 per share (863 per cent) for the financial year 2022-2023.
Sundram Fasteners limited
Earnings Before Interest
Depreciation and Taxes
EBITDA
Profit Before Tax
PBT
Consolidated Revenue
Financial Results
FY 2023
Arathi Krishna
Interim Dividend
Chennai
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