Sundram Fasteners, a diversified auto components supplier has announced its financial results for FY2023 with standalone revenue of Rs 4,919 crore, up 18 percent YoY, net profit of Rs 464 crore, up 14 percent as against net profit of Rs 407 crore during the same period last year.
The revenue from operations came at Rs 4,919 crore, up 17.9 percent. Domestic sales came at Rs 3,235 crore, up 23 percent, and exports at Rs 1,529 crore compared to Rs 1,421 crore
For Q4 FY2023, the domestic sales were Rs 820 crore as against Rs 749.66 crore a year ago, registering a growth of 9.48 percent. Exports came at Rs 380 crore, versus Rs 366 crore a year ago, and net profit at Rs 116 crore, up 63 percent compared to Rs 71.41 crore a year ago.
The company said it was able to achieve strong performance, despite facing pressures due to increase in commodity prices, which was mitigated through price increases realised from the customers and improvement in operational efficiency.
In FY2023, the finance cost after accounting for exchange variation was at Rs 24.63 crore, as against Rs 13.39 crore during the previous year. The constant increase in lending rate by the Banks during the year coupled with depreciating rupee has led to higher borrowing costs.
During the year, Sundram Fasteners spent Rs 212.94 crore on capital expenditure as part of the capacity expansion of existing lines of business and new projects. The capital expenditure was incurred to augment capacities for meeting the increase in the volume of business in tandem with the production plans of key customers. The company has transferred Rs 175 crore to reserves.
