Sundram Fasteners, a leading automotive fasteners manufacturer in India has announced its financial results for Q3 FY2024. The company reported revenue of Rs 1,180 crore, as against Rs 1,226 during the same period in the previous year.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the company says it recorded a net profit of Rs 116 crore as against Rs 106.13 crore last year.
For the 9-month period, the revenue from operations came at Rs 3,630 crore as against Rs 3,684 crore last year. The net profit was at Rs 346 crore as against net profit of Rs 347 crore a year ago.
During the last quarter the company entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crore in its factories in the state. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.
