Auto component maker Sundram Fasteners Ltd has reported its highest ever consolidated net profit for the March 2024 quarter at Rs 134.41 crore on account of strong operational performance.
The Chennai-based company registered consolidated net profit of Rs 127.47 crore during the corresponding quarter of last year. For the year ending March 31, 2024, the net profit surged to Rs 525.64 crore, as compared to Rs 500.35 crore registered a year ago.
Auto component maker Sundram Fasteners Ltd has reported its highest ever consolidated net profit for the March 2024 quarter at Rs 134.41 crore on account of strong operational performance.
The Chennai-based company registered consolidated net profit of Rs 127.47 crore during the corresponding quarter of last year. For the year ending March 31, 2024, the net profit surged to Rs 525.64 crore, as compared to Rs 500.35 crore registered a year ago.
Total revenue during the quarter under review grew to Rs 1,477.70 crore, as compared to Rs 1,451.46 crore registered in the same period of last year. For the year ending March 31, 2024, the consolidated revenues remained flat at Rs 5,720.47 crore as against Rs 5,707.60 crore registered in the same period of last year.
In a statement on Friday, the company said it reported highest ever profit after tax, EBITDA for the financial year ending March 31, 2024. The Earnings Before Interest, Depreciation and taxes for the year ending March 31, 2024, were at Rs 825.37 crore, as against Rs 797.18 crore registered last year.
"The company has improved its EBITDA margins on revenue from operations to 16.8 per cent as against 16.2 per cent supported by stability in the raw material prices and improvement in operational efficiency," the statement said.
Sales made in the domestic market during the year ending March 31, 2024, were at Rs 3,339.20 crore, while exports stood at Rs 1,409.43 crore on account of favourable customer demand.
The company during the financial year ending March 31, 2024, incurred Rs 343.45 crore towards capital expenditure as part of the capacity expansion of existing lines of business and new projects.
"These investments will significantly enhance the company's capability to meet customer demands in various segments electric vehicles, ICE vehicles. The company has financed the entire capital expenditure programmes out of internal accruals without any incremental borrowings," the statement said.
The Board of Directors have declared a second interim dividend of Rs 4.17 per share (417 per cent) which together with the first interim dividend of Rs 2.68 per share declared and paid in November 2023, would amount to total dividend of Rs 6.85 per share (685 per cent) for the financial year 2023-24.