Sundram Fasteners Q2FY22 Results: Reports standalone net profit at Rs 120.16 cr

Sundram Fasteners, part of the TVS Group company, has reported standalone profit for the quarter ending September 30, 2021 at Rs 120.16 crore, the company said on Thursday.

The Chennai-based company, engaged in manufacture and sale of bolts and nuts, water and oil pumps, hot and warm forged parts, had reported standalone net at Rs 97.36 crore, during corresponding quarter of previous year

For the six month period ending September 30,2021 the company reported standalone profit at 232.71 crore, from Rs 73.88 crore registered in the same period of last year.

The standalone total income for the quarter under review grew to Rs 1,064.29 crore from Rs 773.36 crore registered in the same period of last year.

For the half-year period ending September 30, 2021 standalone total income stood at Rs 2,012.64 crore as against Rs 1,057.73 crore registered during same period of last fiscal.

In a statement, the company said the domestic sales for the quarter under review was at Rs 663.26 crore as against Rs 483.88 crore during the previous year, recording a growth of 37.1 percent.

The export sales for the quarter ending September 30, 2021 stood at Rs 362.80 crore as against Rs 260.28 crore, posting an increase of 39.4 percent.

The company continues to record a robust growth in 'export sales', the release said.

During the quarter ending September 30,2021, the adverse commodity prices as well as increase in costs of other inputs and logistics attributable to oil price increase impacted the margins.

However, the effect of the same was mitigated through cost reduction measures and price support from the customers, it added.