Sundram Fasteners Q1 net up

Chennai: Fastener major Sundram Fasteners has posted sales of Rs 136.72 crore for the quarter ended 30 June 2003 as compared to Rs 119.70 crore clocked for the corresponding period in the previous year.

The company''s total exports for the period under review to increased to Rs 25.31 crore as compared to Rs 21.32 crore the previous year.

For the first quarter of this fiscal the operating expenses, including excise duty, were at Rs 115.50 crore and the gross profit before interest, depreciation and provision for taxation increased marginally to Rs 21.66 crore as compared to Rs 21.51 crore in the previous year.

But the operating margins during the period under review were under strain due to continuous pressure on domestic selling prices, appreciation of rupee vis-à-vis dollar and a steep hike in the cost of inputs, especially steel. However, the net profit was at Rs 12.61 crore as against Rs 10.93 crore for the same period in the previous year.

According to the company, better currency and interest rate management enabled Sundram Fasteners to have a net interest income of Rs 0.47 crore for the period as compared to a net interest expense of Rs 2.32 crore for the same period in the previous year.