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TVS Motor surges 6%, nears 52-week high after huge block deal

Fixing TN s financial position & increasing GDP are priorities of govt: Finance minister Palanivel Thiagarajan

Sundram Fasteners banks on Sri City unit to fuel exports

Sundram Fasteners banks on Sri City unit to fuel exports by Shahkar Abidi 01 Jun 2021 Chennai-headquartered Sundram Fasteners is betting big on its Sri City unit to give a fillip to its exports business. The company had already announced setting up this Rs 100 crore SEZ (special economic zone) unit to manufacture and export high precision engineering components. These will be shipped out to a leading European power train maker for onward supply to global marquee OEM customers for existing and new programmes.  The Sri City facility will provide a further impetus to Sundram Fasteners’ export thrust by way of new products and overseas customers, the management had said. An analysis by HDFC Securities shows that the new plant is likely to scale up over FY23 and can contribute an additional 6-8 percent to revenues. The company’s standalone export sales of Rs 337 crore last fiscal

Sundram Fasteners Q4 PAT climbs 178% YoY

Sundram Fasteners reported 178% jump in standalone net profit to Rs 130.02 crore in Q4 FY21 as against Rs 46.80 crore in Q4 FY20. Revenue from operations was at Rs 1,079.25 crore for the quarter ended 31 March 2021 as against Rs 719.60 crore during the same period in the previous year, registering a growth of 50%. Profit before tax stood at Rs 172.86 crore in Q4 FY21, up by 132% from Rs 74.52 crore in Q4 FY20. The domestic sales for the quarter ended March 31, 2021 were at Rs 713.16 crore as against Rs 447.68 crore during the previous year, recording a growth of 59% on the back of an increase in domestic demand.

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