Sundram Fasteners Share Price makes New High post Q1 Results

Sundram Fasteners extended gains

to jump 10 per cent to Rs 234 after
surge of over 10 per cent in the
previous session because of robust
June quarter earnings. Sundram
Fasteners Share Price has made a
new 52 week high of Rs 245.35 in
todays trading session. The share
price is currently trading at Rs
234.75, 5.72 per cent. The net profit
of the Company nearly doubled to
Rs 75.55 crores for the quarter
th
ended 30 June, 2016 (Q1FY17), as a result of strong operational performance.
The TVS Group Company is engaged in auto parts and equipment business had profit of Rs
38.51 crores during the corresponding quarter of the previous year. The total revenue from
operations during this quarter jumped up by 12.8 per cent to Rs 713 crore from Rs 631.94
crore in the corresponding quarter of previous year.
The EBITDA (earnings before interest, depreciation and taxes) margin also expanded around
465 basis points to 19.63 per cent from 14.98 per cent, due to volume growth, product mix and
specific cost reduction initiatives.
The company was actively investing in other automotive component verticals, the company
announced, continued prospect of sourcing of domestic auto components from United States
augurs very good for overseas market.
The company declared that it is positive about the automotive sector with the monsoon as well
as sentiment buoyancy improving prospects. "Sundram Fasteners is also actively investing in
other automotive component verticals which will bolster the profitability of the company," the
company said in a statement. "The continued prospect of sourcing of Indian automotive
components from the USA also augurs well for the export market."

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