Sundram Fastners, a leading player in high tensile fastener industry has reported a 30% drop in net profit to Rs 78.6 m for the 3QFY01.
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The company's total sales grew by 2% YoY to Rs 1,080 m. This was driven by a domestic sales growth of 3.5% to Rs 910 m, while exports declined by 5.8% to Rs 169 m. This is a reversal as compared to its 2QFY01 figures wherein domestic sales declined by 21% to Rs 782 m, while exports rose by a robust 29% YoY to Rs 216.8 m.
It is the sole supplier of raidiator caps, as well as powder metal parts to General Motors, USA
The company's operating margins declined from 17.9% in 3QFY00 to 16.3% in 3QFY01 due to the slowdown in the automobile industry as higher price realisations have become difficult.
On the current price of Rs 305 it is trading at 7.3x FY00 EPS of Rs 41.7.
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