Bengaluru :  The Board of Directors of Sundram Fasteners Limited today announced the Audited Financial Results for the year ended March 31, 2024.

Standalone Financials

Quarter ended March 31, 2024

The total revenue was at Rs 1,294.78 crores for the quarter ended March 31, 2024, as against Rs 1,242.77 crores during the same period in the previous year.

The domestic sales for the quarter ended March 31, 2024, were at Rs 846.26 crores as against Rs 822.25 crores during the previous year.

Buoyed by favourable customer demand, the Company has registered exports of Rs.385.28 crores for the quarter ended March 31, 2024, compared to Rs.339.15 crores in the previous quarter ended December 31, 2023. The export sales for the quarter ended March 31, 2023, was at Rs 380.77 crores.

The earnings before interest, depreciation, and taxes (EBITDA) for the quarter ended March 31, 2024, was at Rs 220.80 crores as against Rs 201.60 crores during the same period in the previous year, showing an increase of 9.5%. The Company has posted an improved EBITDA % on revenue from operations at 17.3% as against 16.3% during the same period in the previous year.

The Profit before Tax (PBT) for the quarter ended March 31, 2024, was at Rs 174.34 crores as against Rs 153.56 crores during the same period in the previous year, registering a growth of 13.5%. Due to strong operational performance, the Company has registered its highest ever net profit for the quarter ended March 31, 2024, at Rs 132.54 crores as against net profit of Rs 116.65 Crores during the same period in the previous year, posting an increase of 13.6%.

Earnings per share for the quarter ended March 31, 2024, amounted to Rs 6.31 and was Rs 5.55 in the corresponding period last year.

Financial year ended March 31, 2024

The total revenue was at Rs 4,952.98 crores for the year ended March 31, 2024, as against

Rs 4,951.44 crores in the previous year.

The domestic sales for the year ended March 31, 2024, were at Rs. 3,339.20 crores and the export sales were at Rs. 1,409.43 crores.

The earnings before interest, depreciation, and taxes (EBITDA) for the year ended March 31, 2024, were at Rs 825.37 Crores as against Rs 797.18 Crores in the previous year. The Company has improved its EBITDA margin on revenue from operations to 16.8% as against 16.2%, supported by stability in the raw material prices and improvement in operational efficiency.

The finance cost for the year ended March 31, 2024, after accounting for exchange variation, was at Rs 17.99 crores, as against Rs 24.63 crores during the previous year.

The Profit before Tax (PBT) for the year ended March 31, 2024, was at Rs 639.07 crores as against Rs 615.30 crores during the previous year.

The net profit for the year ended March 31, 2024, was at Rs 479.71 crores as against Rs 463.74 crores in the previous year.

The Earnings per share for the year ended March 31, 2024, amounted to Rs 22.83 compared to Rs 22.07 in the previous year.

Consolidated Financials

Quarter ended March 31, 2024

The Company’s consolidated revenue posted for the quarter ended March 31, 2024, was at

Rs 1,477.70 crores as against Rs 1,451.46 Crores during the same period in the previous year.

The consolidated net profit for the quarter ended March 31, 2024, was at Rs 134.41 crores as against net profit of Rs 127.47 Crores during the same period in the previous year.

The consolidated earnings per share (EPS) for the quarter ended March 31, 2024, amounted to Rs 6.36 and was Rs 6.01 in the corresponding period last year.

Consolidated Financials

Financial year ended March 31, 2024

The Company’s consolidated revenue for the year ended March 31, 2024, was at Rs 5,720.47 crores as against Rs 5,707.60 crores during the same period in the previous year.

The consolidated net profit for the year ended March 31, 2024, was at Rs 525.64 crores as against net profit of Rs 500.35 Crores during the same period in the previous year.

Capital Expenditure

To drive long-term growth, the Company has incurred Rs.343.45 crores towards capital expenditure as part of capacity expansion of existing lines of business and new projects. These investments will significantly enhance the Company’s capability to meet customer demands in various segments, viz., ICE vehicles, PHEVs, EVs, etc. The Company has financed the entire capital expenditure programme out of internal accruals without any incremental borrowings.

Transfer to Reserves

The Company has transferred Rs 200 Crores to Reserves.

Scheme of Amalgamation

Two of the Company’s wholly owned subsidiaries, viz. Sunfast TVS Limited and TVS Engineering Limited were merged with the Company pursuant to the approval of the Hon’ble National Company Law Tribunal, Chennai bench.

Interim Dividend

The Directors have declared a second interim dividend of Rs 4.17 per share (417%), which, together with the first interim dividend of Rs 2.68 per share declared and paid in November 2023, would amount to a total dividend of Rs 6.85 per share (685%) for the financial year 2023-2024.