Sundram Fasteners Ltd. (SFL), part of the $7.2 billion TVS Group, has crossed the ₹1,000-crore mark in its standalone quarterly revenue from operations during the second quarter of 2018-19, said a top official.
“Driven by strong growth in heavy, medium and light commercial vehicles, we were able to cross the ₹1,000-crore mark in quarterly revenue from operations (standalone) for the first time,” said S. Meenakshisundaram, chief financial officer, Sundram Fasteners.
During the period under review, SFL reported standalone revenue from operations of ₹1,001.61 crore against ₹818.45 crore for the corresponding year earlier period, marking an increase of 22.4%.
The company posted a 22% increase in net profit to ₹110.22 crore against ₹90.43 crore for the comparable period last year.
Exports rise 18.2%
The maker of high-tensile fasteners exported goods worth ₹334.76 crore against ₹283.25 crore, marking an increase of 18.2% over the corresponding year earlier period.
Recently, the top management announced its plans to increase the export volume to 50% of its total business over the next few years.
Besides, it also started working with electric vehicle (EV) manufacturers to gradually shift from traditional motor engines.
“Our wish is to increase the export volume to 50% of our total revenue. Till recently, it stood at 30% and now it has risen to 34%. The increase would happen gradually,” he said.
EV plans
Asked about EV plans, he said SFL was gearing up for transformation and talking to several EV manufacturers. “The decision on production capacity and volume would depend on the demand for that kind of components. It is not our immediate focus as there is no demand for electric vehicles and it is still in the drawing board of many firms,” he said.
The board declared an interim dividend of ₹2 per share (200%) absorbing a sum of ₹50.66 crore, including dividend distribution tax for the year 2018-19.
