Sundram Fasteners, a TVS Group Co has reported its financial result for Q1 FY2024 with consolidated revenue at Rs 1,410.76 crore, a flat growth compared to Rs 1,410.12 crore for the same period last year.
The net profit came at Rs 128.74, down 6.7 percent compared to Rs 138 crore for the same period last year.
The revenue from operations came at Rs 1,215.65 crore, which includes domestic sales of Rs 821.97 crore as against Rs. 798.50 crore during the previous year. Exports on the other hand was impacted by the slowdown in the US market. The export sales for the quarter ended June 30, 2023 were at Rs 347.99 crore as against Rs 405.76 crore during the previous year.
Softening commodity prices
Sundram Fasteners says that the softening of commodity prices and favourable product mix resulted in improvement in gross margin from 54.5 percent to 55.8 percent. The finance cost for the quarter ended after accounting for exchange differences, was at Rs 5.89 crore, as against Rs 5.01 crore for the corresponding quarter in the previous year.
The company incurred capital expenditure in line with its planned capital expenditure of Rs 300 crore for the financial year 2023-24.
