Sundram Fasteners Ltd net drops by 27% YoY. - Views on News from Equitymaster

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Sundram Fasteners Ltd net drops by 27% YoY.

Nov 6, 2000

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.

(Rs m) 2QFY00 2QFY01 Change
Sales 1,159 999 -13.9%
Other income 8 6 -31.0%
Expenditure 947 816 -13.8%
Operating profit (EBDIT) 213 183 -14.2%
Operating profit margin (%) 18.3% 18.3%  
Interest 32 39 19.8%
Depreciation 30 30 1.0%
Profit before Tax 159 119 -24.9%
Other adjustments - -  
Tax 28 23  
Profit after Tax/(Loss) 131 96 -26.7%
Net profit margin (%) 11.3% 9.6%  
No. of Shares (eoy) (m) 10.2 10.2  
Diluted number of shares 10.2 10.2  
Diluted Earnings per share* 51.3 37.6  
*(annualised)      

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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