Sundram Fasteners Limited
NSE Symbol SUNDRMFAST
2nd Q/E SEPT 2010
SUNDARAM FASTENERS LIMITED has produced excellent results for Q/E Sept 2010.
Net Sales has increased to Rs.464.67 cr – up by 14.51% from previous Qtr and up by 40.4% from corresponding qtr of previous year.
Profit from Operations has gone up to Rs.48.93 Cr – up by 32.42% from previous Qtr and up by 29.07% from corresponding qtr.
Profit Before Tax has gone up to Rs.43.61 cr – up by 35.48% from previous qtr and by 57.32% from corresponding qtr.
Net Profit has gone up to Rs.30.86 cr – up by 36.85% from previous qtr and up by a huge 63.54% from corresponding qtr.
Basic EPS is Rs.1.47 ( on a FV of Rs.1) against Rs.1.07 in previous qtr and against Rs.0.9 6 in corresponding Qtr .At this rate, the annual EPS may be around Rs.6 on a face value of Rs.1
Current MP is around Rs.70.The PE ratio works out to 11.67 – leaving room for further price appreciation.
OTHER HIGHLIGHTS
• Stand alone revenues for HY1 grew by 42% on a YoY basis to reach Rs.871 Crores
• HY1 Exports record impressive YoY growth of 61% to Rs.229 Crores
• Net Profit grew by 49% YoY basis from Rs.35.90 Crores to Rs.53.41 Crores
• Subsidiaries posted a Profit before tax of Rs.6.23 Crores for the period ended 30th September 2010 as against a net loss of Rs. 23.31 Crores
• Interim Dividend of Re. 0.55 per share
· Sale and other income of Sundram Fasteners Limited, increased by 42% to Rs. 871.35 crores for the half year ended September 30, 2010 as against Rs. 615.13 crores achieved during the same period in the previous year.
· Export sales for the period was Rs. 228.55 crores (Rs. 141.73 crores) an increase of 61%, Domestic sales, net of excise duties, was at Rs. 641.90 crores (Rs. 472.44 crores) has registered an increase of 35%.
· Operating expenses were at Rs. 755.79 crores (Rs. 526.34 crores). The operating margin was under pressure due to higher cost of inputs, additional usage of captive power and increase in employee costs arising out of long term settlements in some of the major factories.
· Gross Profit before interest, depreciation and provision for taxation increased by 30% to Rs.115.56 crores during the period (Rs. 88.79 crores).
· Interest charges for the six months amounted to Rs 10.16 crores (Rs 15.44 crores). Foreign exchange fluctuations resulted in a loss of Rs. 2.82 crores as against a gain of Rs 3.91 crores last year.
· Depreciation for the six months was Rs. 26.78 crores (Rs. 24.19 crores). The provision for taxes was at Rs. 22.39 crores (Rs. 17.17 crores).
· The net profit after tax was higher at Rs.53.41 crores (Rs. 35.90 crores), an increase of 49%.
· Earnings per share (on face value of Re 1 per share) for the six months amounted to Rs. 2.54 (Rs. 1.71).
· During the period ended 30th September 2010, all subsidiary companies have performed better than previous year.
· Sales and other income of subsidiaries before adjustment for inter-company sales for period ended 30th September 2010 was at Rs.366.41 crores as against Rs. 278.50 crores during the same period in the previous year.
· During the period ended 30th September 2010, the subsidiaries made a profit before tax of Rs.6.23 crores as against a net loss of Rs.23.31 crores during the same period in the previous year.
· QUARTERLY RESULTS IN FIGURES
| sundaram Fasteners | 30-Sep-10 | 30-Jun-10 | dif%1 | 30-Sep-09 | dif%2 |
| Net Sales | 46467 | 40578 | 14.51 | 33095 | 40.4 |
| Other Operating Income | 59 | 23 | 156.5 | 49 | 20.41 |
| SIT & WIP | -1144 | -759 | 50.72 | -243 | 370.78 |
| Raw Materials | 28700 | 24027 | 19.45 | 18651 | 53.88 |
| Employees Cost | 4076 | 3550 | 14.82 | 3085 | 32.12 |
| Depreciation | 1351 | 1327 | 1.81 | 1206 | 12.02 |
| Other Expenditure | 8650 | 8761 | -1.27 | 6654 | 30 |
| Total Expenditure | 41633 | 36906 | 12.81 | 29353 | 41.84 |
| Profit from Operations | 4893 | 3695 | 32.42 | 3791 | 29.07 |
| Other Income | 5 | 3 | 66.67 | 9 | -44.44 |
| Interest | 537 | 479 | 12.11 | 1028 | -47.76 |
| P B T | 4361 | 3219 | 35.48 | 2772 | 57.32 |
| Tax expense | 1275 | 964 | 32.26 | 885 | 44.07 |
| Net Profit | 3086 | 2255 | 36.85 | 1887 | 63.54 |
| Dividend (%) | 55 | - | - | ||
| Face Value.Rs | 1 | 1 | 0 | 1 | 0 |
| Paid Up Equity | 2101 | 2101 | 0 | 2101 | 0 |
| Basic EPS | 1.47 | 1.07 | 37.38 | 0.9 | 63.33 |
| Public holding (%) | 50.47 | 50.47 | 0 | 50.47 | 0 |
ANNOUNCEMENTS
TO THE EXCHANGE
09-11-2010 Sundram Fasteners Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on November 09, 2010 have approved payment of interim dividend @ Rs. 0.55 per share for the financial year ending March 31, 2011. -
09-11-2010 Sundram Fasteners Limited has informed the Exchange regarding a press release dated November 09, 2010, titled "Stand alone revenues for HY1 grew by 42% on a YoY basis to reach Rs.871 Crores".
09-11-2010 Sundram Fasteners Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 46467 lacs for quarter ending on 30-SEP-2010 against Rs. 33095 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 3086 lacs for the quarter ending on 30-SEP-2010 against Rs. 1887 lacs for the quarter ending on 30-SEP-2009. -
29-10-2010 Sundram Fasteners Limited has informed the Exchange that November 18, 2010 has been fixed as Record Date for the purpose of determination of shareholders eligible to receive the interim dividend for the financial year ending March 31, 2011. -
11-08-2010 Sundram Fasteners Limited has informed the Exchange regarding a press release dated August 11, 2010 titled "Sale and other income of Sundram Fasteners Limited, increased by 43% to Rs. 406.04 crores for the quarter ended June 30, 2010 as against Rs. 283.60 crores achieved during the same period in the previous year".
11-08-2010 Sundram Fasteners Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 40578 lacs for quarter ending on 30-JUN-2010 against Rs. 28322 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 2255 lacs for the quarter ending on 30-JUN-2010 against Rs. 1703 lacs for the quarter ending on 30-JUN-2009.
29-05-2010 Sundram Fasteners Limited has informed the Exchange regarding a press release dated May 29, 2010 titled "Sundram Fasteners Limited recorded total sales and other income of Rs. 1336.60 crores for the year ended March 31, 2010 as against Rs. 1265.64 crores achieved during the previous year".
29-05-2010 Sundram Fasteners Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 169481 lacs for year ending on 31-MAR-2010 against Rs. 179724 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 4723 lacs for the year ending on 31-MAR-2010 against Rs. 3432 lacs for the year ending on 31-MAR-2009. -
29-05-2010 Sundram Fasteners Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 36029 lacs for quarter ending on 31-MAR-2010 against Rs. 35940 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 1766 lacs for the quarter ending on 31-MAR-2010 against Rs. 2145 lacs for the quarter ending on 31-DEC-2009.
29-05-2010 Sundram Fasteners Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 133386 lacs for year ending on 31-MAR-2010 against Rs. 126220 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 7501 lacs for the year ending on 31-MAR-2010 against Rs. 1741 lacs for the year ending on 31-MAR-2009.
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