The over Rs 3,000-crore Sundram Fasteners, part of the multi-billion dollar TVS group and the oldest auto components manufacturer in India, on Thursday announced changes at the company’s board level.
The over Rs 3,000-crore Sundram Fasteners, part of the multi-billion dollar TVS group and the oldest auto components manufacturer in India, on Thursday announced changes at the company’s board level. Long-serving Suresh Krishna, a ‘Padma Shri’ awardee, who founded the company in 1964 and steered it to the current level, will be retiring as managing director effective April 20, 2018. He will continue to be director and chairman of the board. The board of directors has elevated/appointed Arathi Krishna, his daughter, as managing director of the company, effective same date. She is currently the joint managing director since 2011, and has been on the board since 2006. Under her leadership, several new product lines were set up and stabilised leading to a robust growth and operating performance of the company.
The board also elevated/appointed Arundathi Krishna as joint managing director, effective April 20. She has been serving as deputy managing director since 2013, and has been on the board since 2008. She oversees the operations of the domestic subsidiaries and the international subsidiaries in China and England. The board feels confident that given their past experience in the company as well as the significant contribution they have made, they will continue to strive towards rewarding all the stakeholders, said a press release here.
Suresh Krishna has been at the helm of the business operations of the company since inception. He has been guiding the company for more than five decades and has immensely contributed to the growth and diversification. He took active interest in representing the voice of the industry. He served as the president of the Automotive Component Manufacturers Association of India (ACMA) during 1982-84 and as the president of the Confederation of Indian Industry (CII) during 1987-88. The government conferred the ‘Padma Shri’ award on Suresh Krishna in 2006 for his contribution to the industry.
For the third quarter ended December 2017, the company had reported a 22% growth in its net profit to Rs 91.66 crore against Rs 75.34 crore a year ago. Total revenue from operations grew sharply to Rs 848.13 crore against Rs 707.23 crore a year ago. For the nine-month period, net profit went up to Rs 272.26 crore from Rs 227.82 crore registered a year ago. For the April-December period, revenues from operations rose to Rs 2,450.67 crore from Rs 2,155.32 crore a year ago.