netSundram Fasteners (SFL) has reported a standalone net profit of Rs 116.41 crore during the quarter ended March 31, 2023 as against net profit of Rs 71.41 crore during the same period in the previous year, posting an increase of 63.20 per cent.

The company achieved the twin milestones of crossing consolidated revenues of Rs 5,000 crore and net profit of Rs 500 crore for the financial year ended March 31, 2023.

The revenue from operations was at Rs 1,234.73 crore for the quarter ended March 31, 2023 as against Rs 1,146.44 crore during the same period in the previous year, registering a growth of 7.70%. The domestic sales for the quarter ended March 31, 2023 were at Rs 820.71 crore as against Rs 749.66 crore during the previous year, posting an increase of 9.48 per cent.

Export sales for the quarter ended March 31, 2023 were at Rs 380.77 crore as against Rs 366.01 crore, a growth of 4.03%.

The Company incurred Rs 212.94 crore towards capital expenditure as part of capacity expansion of existing lines of business and new projects. The capital expenditure was incurred to augment capacities for meeting the increase in the volume of business in tandem with production plans of key customers.

In a statement, the company said it has transferred Rs 175 crore to reserves.

The Directors have declared a second interim dividend of Rs 3.06 per share  (306%), which, together with the first interim dividend of Rs 3.57 per share and a special dividend of Rs 2.00 per share (for commemorating the 60th year of Incorporation) declared and paid in November 2022, would amount to a total dividend of Rs 8.63 per share (863%) for the financial year 2022-2023.

SFL's range of products includes key automotive components from fasteners to transmission shafts, pumps and assemblies, and radiator caps, among others.