Sundaram Fasteners, a leading supplier to the automotive industry has reported net profit of Rs 106 crore for Q3 FY2023, a marginal growth of 2.6 percent.
The revenue from operations came at Rs 1,226.87 crore up 19.8 percent YoY. The company said it saw robust domestic sales during the quarter at Rs 813 crore, as against Rs 658 crore for the same period last year. The margins was under pressure due to the increase in prices of raw materials.
In terms of consolidated performance, the revenue came at Rs 1,403 crore (+ 16.2% YoY), as against Rs 1,207 crore last year, with net profit at Rs 118 crore versus Rs 110 crore a year ago.
In terms of the 9-month performance (Apr-Dec 2022) the revenue came at Rs 3,684 crore as against Rs 3,026 crore a year ago, which was supported by an increase in demand from major OEMs.
The net profit came at Rs 347.99 crore as against Rs 336.05 crore during the same period in the previous year.
Arathi Krishna, MD, Sundram Fasteners said, “We have progressed well despite the ongoing macroeconomic challenges. We thank our employees, suppliers and customers for the continued trust and will strive to deliver continued performance.”