Other income boosts Sundram Fasteners'' bottomline in Q1
31 Jul 2007
Chennai: Nuts and bolts manufacturer Sundram Fasteners Limited recorded total sales and other income of Rs298.60 crores for the quarter ended June 30, 2007 as against Rs 291.64 crores achieved during the same period in the previous year.
The
company''s operating expenses went up to Rs258.76 crore
as against Rs241.76 crore the previous year and the gross
profit before interest, depreciation and tax provision
came down to Rs39.84 crore as against Rs49.88 crore during
the first quarter of the previous fiscal.
Interest charge for the quarter was Rs5.82 crore. The fluctuations in the foreign exchange resulted in a gain of Rs11.39 crore. Depreciation for the quarter was Rs 8.26 crore and the provision for taxes, inclusive of fringe benefit tax and deferred taxes, was at Rs11.60 crore.
The net profit after tax was higher at Rs 25.55 crore during the first quarter of this fiscal as against Rs18.02 crore posted during the same period the previous year.
During
the first quarter the company''s exports came down to Rs76.43
crore as against Rs88.21 crore logged during the same
period the previous year. According to the company the
fall in export sales was due to strengthening of rupee
and slowdown in US market. Domestic sales, net of excise
duties, increased by 9 per cent to Rs221.84 crore from
Rs203.07 crore though there has been a slowdown in domestic
automobile industry.