Sundram Fasteners Ltd., part of the USD six billion TVS Group, has recorded standalone profits at Rs 87.66 crore for the fourth quarter ending March 31, 2017. The Chennai-based company had registered standalone net profits at Rs 87.20 crore during corresponding quarter of previous year.
“The profit performance in fourth quarter (ending March 31, 2017) is not comparable with previous year, since the net profits for the fourth quarter in 2015-16 considered a write-back of tax provision to the extent of Rs 37.17 crore during to application of Minimum Alternate Tax,” a company statement said.
For the full year ending March 31, 2017 standalone net profits stood surged to Rs 315.48 crore from Rs 213.99 crore registered during the year ago period. “The year under review, witnessed achievement of significant milestones with Net profits crossing the Rs 300 crore mark the highest since inception of the company,” it said.
Total income from operations for the January-March 31, 2017 quarter went upto Rs 831.56 crore from Rs 768.46 crore registered during same period of last year. Total income from operations for the year ending March 31, 2017 grew to Rs 3,173.11 crore from Rs 2,843.99 crore registered during year ago period.
On the exports front, the company said sales for the year ending March 31, 2017 was at Rs 1,044.11 crore as against Rs 908.12 crore registered during year ago period. The earnings per share surged to Rs 15.01 and export sales crossed Rs 1,000 crore mark during the year ending March 31, 2017.
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The Earnings Before Interest and depreciation for the year ending March 31, 2017 was at Rs 560.43 crore as compared to Rs 418.91 crore registered during year ago period. The company paid an interim dividend of Rs 1.70 per share. The Board at its meeting today recommended a final dividend of Rs 2.80 per share (on a paid up value of Rs one per share).
Total dividend proposed during the year aggregates to Rs 4.50 per share amounting to Rs 94.48 crore, it said. Shares of the company ended at Rs 377 apiece downby 0.96 per cent over previous close in BSE.