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Sundaram Fasteners: In top gear - Views on News from Equitymaster
 
 
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  • Aug 2, 1999

    Sundaram Fasteners: In top gear

    Sundaram Fasteners Ltd. (SFL) has reported net sales of Rs 1 bn (up 30% YoY) and a net profit of Rs 102 mn (up 45% YoY) for the quarter ended 30th June 1999.

    SFL, the flagship company of the TVS Group, is India's largest manufacturer and exporter of high tensile fasteners. Its product range also includes automotive components, cold formed/extruded products, power metal parts, precision-formed gears and radiator caps.

    SFL has been able to improve its net margins to 9.8% from 8.7% in the corresponding period last year. While domestic sales increased by 33% at Rs 892 mn, exports grew 12% as Rs 148 mn. The rise in domestic sales is due to the recovery in the sales of automobiles, in particular the recovery in the commercial vehicle.

    SFL is well placed to capitalise on the growth opportunities thrown up by the massive investments that have taken place in the automobile industry. Moreover, the company's strong international client base provides it with a hedge in case demand in either of the markets was to slow down.

    However, there is increasing competition in the auto ancillary industry, which could affect the company adversely. Although, SFL is a well-established player in the domestic and international markets, the possibility of a loss of market share cannot be ruled out.

    Market View:
    The stock is rated as a 'BUY' on account of its excellent management and customer base. Moreover, the revival in the commercial vehicle sales is likely to benefit the company.

     

     

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