Business

Sundram Fasteners profit dips 36% on lower sales

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Lower production dents revenue

Sundram Fasteners Ltd. (SFL), part of the $8.5-billion TVS Group, reported a 35.8% drop in its standalone net profit for the second quarter ended September 2019 to ₹71.07 crore, following a drop in sales due to slowdown in commercial and passenger vehicles segments.

During the period under review, the company’s revenue from operations declined to ₹766.82 crore from ₹998.62 crore on account of lower production.

Domestic sales were lower at ₹450 crore against ₹631.59 crore recorded during the corresponding year-ago period.

Export sales also slipped to ₹290.88 crore from ₹334.76 crore, said the company in a statement.

Standalone revenue from operations for the half year ended September 2019 included exports of ₹639 crore (₹656 crore). Other income included net foreign exchange gain of ₹3.47 crore against ₹20.16 crore.

The board declared an interim dividend of ₹1.35 per share for the year 2019-20.

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Printable version | Dec 7, 2019 10:51:05 PM | https://www.thehindu.com/business/sundram-fasteners-profit-dips-36-on-lower-sales/article29881786.ece

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