Sundram Fasteners records 20.6% jump in Q3 net at Rs 124.24 cr

Auto component maker SundramFasteners Ltd has clocked standalone net profits for the quarter ending December 31, 2020, at Rs 124.24 crore up by 20.6per cent.

The city-based TVS Group company had recorded standalone net profits at Rs 103.06 crore during corresponding quarter previous year.

For the nine-month period ending December 31, 2020standalone net profits slipped to Rs 198.12 crore from Rs267.24 crore registered a year ago.

The total income on a standalone basis for the quarterunder review grew to Rs 945.41 crore from Rs 701.22 croreregistered in the same quarter last fiscal.

For the nine-month period ending December 31, 2020standalone total income was at Rs 2,003.14 crore as against Rs2,421.84 crore, the company said in a BSE Filing.

The company said the domestic sales for the quarter under review were at Rs 637.01 crore as against Rs 446.05crore during the previous year on the back of an increase in demand.

Export sales for the quarter under review grew to Rs277.20 crore as against Rs 224.18 crore registered in the sameperiod last fiscal.

The company said its EBITDA for the quarter ending December 31, 2020 was at Rs 205.85 crore as against Rs 124.54crore registered in the same period last fiscal, on the ''backof cost control measures and improvement in operational efficiency.'' With rising commodity prices, the company continues toexercise stringent measures to contain its operating costs toensure its operating margins are sustained, Sundram Fastenerssaid.

The quarter (ending December 31, 2020) also had aone-time reversal of deferred tax provision amounting to Rs41.98 crore.

The company in May had announced pay cuts to employeesand with improving business conditions, the managementrestored the salary during the third quarter to pre-COVID-19levels.

The company equipped with a diversified product line,has facilities in three countries and is engaged primarily inmanufacture and sale of bolts and nuts, water and oil pumps,cold extruded components, hot and warm forged parts, radiatorcaps among many others.