Sundram Fasteners Ltd. (SFL) reported first-quarter standalone net profit slid 13.5% year-on-year to ₹112.53 crore as the slowdown in the U.S. market crimped export sales.
Revenue from operations was a marginal 1.9% lower at ₹1,215.65 crore, compared with ₹1,239.64 crore in the year-earlier period, the diversified engineering company said in a press release. Exports fell 14% to ₹348 crore, as the slowdown in the U.S. impacted sales.
Domestic sales, however, grew by almost 3% to ₹821.97 crore, from ₹798.50 crore.
“Despite headwinds in the export markets, the company has maintained its EBITDA (earnings before interest, taxes, depreciation and amortisation) margin at 16.2%,” SFL said in the release. “The softening of commodity prices and favourable product mix has resulted in improvement in gross margin from 54.5% to 55.8%,” it added.
SFL said capital expenditure in the quarter had been in line with its planned capex budget of ₹300 crore for FY24.
