Sundram Fasteners, a leading manufacturer and exporter of high tensile fastners, reported a 27% decline in its 2QFY01 net profit. The company sales fell by 14% YoY. The domestic sales fell by 21% YoY during this period due to the overall slowdown in the automobile industry, however its exports went up sharply by 29% YoY.
It is the sole supllier of radiator caps and powder metal parts to General Motors, USA.
Operating profit (EBDIT)
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No. of Shares (eoy) (m)
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The company has managed to maintain its operating margins at 18.3% in the 2QFY01 due to cost controls.
However due to a rise in interest costs and decline in other income, the company's net profit fell by 27% YoY to Rs 96 m.
On the current price of Rs320, Sundram Fastners is trading at 7.7x FY2000 EPS of Rs 41.7
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