Sundram Fasteners Limited reports increase in Consolidated Net Profits at Rs 129.44 crores for the quarter ended December 31, 2023

Auto parts company Sundram Fasteners (SFL) on Friday reported a 10% rise in consolidated net profit for the third quarter of Financial Year 2023-24 (Q3 FY24) at Rs 129.44 crore compared to Rs 118.07 crore in the same period in FY23.

SFL's consolidated revenue from operations in Q3 FY24 was Rs 1,367.25 crore compared to Rs 1,403.03 crore in the same period in the previous year. The company’s consolidated earnings per share (EPS) for the quarter ended December amounted to Rs 6.12 and was Rs 5.57 in the corresponding period last year. The export sales for the quarter ended December 31, 2023 were at Rs 339.15 crores as against Rs 364.64 crores during the previous year.

The Company has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crores in its factories in the State of Tamil Nadu. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.