Sundram Fasteners Q2 net up 20%; firm plans EV foray in domestic market
Sundram Fasteners Ltd, a TVS Group company, has posted a 20 per cent rise in consolidated net profit for the quarter ended September 30, 2021 to Rs 124 crore, from Rs 104 crore during the July to September period in 2020-21.
The company’s revenue from operations during the period under review was up 40 per cent from Rs 889 crore in Q2 last fiscal to Rs 1,242 crore this year. The company has lined up a capital expenditure plan of Rs 250 crore for the current financial year and is betting on the electric vehicle segment in the domestic market too. Interestingly, the rise in net profit comes despite a 54 per cent increase in raw material costs from Rs 352 crore during the July to September quarter of 2020-21 to Rs 542 crore during the Q2 of the current financial year.
