Auto component maker Sundram Fasteners today reported an over four-fold jump in standalone net profit at Rs 75.39 crore for the March quarter, propelled by gains from exceptional items.
The company had posted a standalone net profit of Rs 15.97 crore in the year-ago quarter, Sundram Fasteners said in a BSE filing.
Net sales during the period under review stood at Rs 688.03 crore as against Rs 581.78 crore in the previous fiscal, up 18.26 per cent, it added.
During the quarter, the company said it had an exceptional item of Rs 81.52 crore as compared with Rs 42,72 crore in the corresponding quarter in the previous fiscal.
For the 2015-16 fiscal, the company said its consolidated net profit was at Rs 122.98 crore compared with Rs 131.24 crore in the previous fiscal, down 6.29 per cent.
Consolidated net sales for the fiscal were at Rs 3,195.77 crore as against Rs 3,072.09 crore in the previous year.
“There has been a sharp increase in aftermarket sales due to specific initiatives undertaken by the company,” Sundram Fasteners said, adding it experienced a strong demand for its hot forged parts, power train components and wind energy fasteners.
The company said it has restructured its international operations and created a new subsidiary, Sundram International Ltd, based in the UK.
The Chinese subsidiary Sundram Fasteners (Zhejiang) Ltd and the UK subsidiary Cramlington Precision Forge Limited have become subsidiaries of Sundram International Ltd, it added.
“As a part of restructuring, the company divested the German subsidiaries, Peiner Umformtechnik and its affiliates,” it said.
Shares of Sundram Fasteners closed 1.21 per cent down at Rs 159.60 apiece on BSE.