Sundram Fasteners Ltd, a part of the diversified conglomerate TVS Group, on November 5 reported a 35.8 per cent decline in standalone net profit at Rs 71.07 crore in the second quarter ended September 30, 2019.
The city-based company engaged in manufacturing high- tensile fasteners, powder metal components, had clocked standalone net profit at Rs 110.66 crore during the corresponding quarter the previous year.
Standalone revenue from operations for the quarter was at Rs 766.82 crore as against Rs 998.62 crore registered a year ago.
Due to the drop in industry volumes, the company, in a statement, said domestic sales were lower at Rs 450.01 crore during the quarter ended September 30, 2019 as against Rs 631.59 crore registered a year ago.
On the export front, sales overseas during the July-September quarter were at Rs 290.88 crore as against Rs 334.76 crore registered a year ago period.
The earnings before interest, depreciation and taxes for the quarter ending September 30, 2019 were at Rs 145.35 crore as against Rs 199.35 crore registered the same period last fiscal.
The company said the board has declared an interim dividend of Rs 1.35 per share (135 per cent) for the year 2019-20.
Source: Business Line