Sundram Fasteners Ltd. returned to the black with a standalone net profit of ₹112.55 crore for the quarter ended June. It had posted a loss of ₹23.48 crore a year earlier.
Total revenue from operations rose 3.3 times to ₹939 crore, it said in a filing with the exchanges. Domestic sales rose to ₹560 crore (₹133 crore) and export sales grew to ₹356 crore (₹135 crore).
“The gradual opening up of the economy from Q2 helped create an upward trend in demand as OEMs ramped up their production levels,” said Arathi Krishna, MD. “However, the second wave of COVID-19 did cause pressure on the Indian automotive sector... This proved to be a challenge for several OEMs across the country, forcing them to cut production or suspend operations temporarily. Despite this, the cost and efficiency improvement measures enabled the company to sustain its operating and net margins,” she added.
SBL loss narrows
Sundaram Brake Linings (SBL) reported a narrowing in standalone net loss to ₹1.32 crore from a ₹5.35-crore loss a year earlier.
Revenue from operations more than doubled to ₹64 crore, the company said in a regulatory filing.
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