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Sundram Fasteners: The growth continues - Views on News from Equitymaster

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Sundram Fasteners: The growth continues

Feb 9, 2004

Sundram Fasteners, one of the major manufacturers of fasteners, has reported robust 3QFY04 results. As compared to the same quarter last year, the topline of the company has grown by 23%, whereas the bottomline has registered a near 20% growth. Operating margins of the company have however, taken a hit of 110 basis points. In a move that would improve the liquidity of the stock, the company has split the stock of face value of Rs 10 into 10 shares of Rs 1 each.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 1,133 1,395 23.1% 3,317 3,964 19.5%
Other income 1 3 107.1% 13 20 52.2%
Expenditure 941 1,174 24.8% 2,710 3,288 21.3%
Operating profit (EBDITA) 192 221 14.9% 608 677 11.4%
Operating profit margin (%) 16.9% 15.8%   18.3% 17.1%  
Interest 15 9 -41.3% 60 3 -95.3%
Depreciation 33 37 9.6% 97 105 8.8%
Profit before tax 145 178 22.8% 465 589 26.7%
Tax 45 58 29.3% 147 191 30.0%
Profit after tax/(loss) 100 120 19.9% 318 398 25.2%
Net profit margin (%) 8.9% 8.6%   9.6% 10.0%  
No. of shares (m) 102.0 102.0   102.0 102.0  
Diluted earnings per share (Rs)* 3.9 4.7   4.2 5.2  
P/E ratio (x)   21.4     19.4  
(* annualised)            

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