Sundram Fasteners Q2 net slips 7% to 111.75 cr. on spike in input costs
Time:2022-11-09
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Revenue from operations rose by 14.6% to 1,218 crore

Sundram Fasteners Ltd., (SFL) standalone net profit for the second quarter contracted by 7% to 111.75 crore due to spike in raw material costs.

 

Revenue from operations rose by 14.6% to 1,218 crore. Domestic sales during the quarter were at 802 crore against 663 crore and export sales was 378 crore (363 crore).

 

Total expenditure shot up from 903 crore to 1,076 crore, of which cost of raw material accounted for 582 crore (486 crore).

 

On Tuesday, the Board declared an interim dividend of 3.57 per share and an additional special dividend of 2 per share to commemorate the 60 th year of incorporation of SFL.

 

Further, the Board approved the scheme of amalgamation of Sunfast TVS Ltd., and TVS Engineering Ltd., with SFL and their respective shareholders.

The amalgamation will facilitate operational synergies, efficient allocation of capital and provide a platform for integration of the defence and aerospace business of SFL, it said.

 

Source: www.thehindu.com

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