Date:31/07/2004 URL: http://www.thehindubusinessline.com/2004/07/31/stories/2004073101480200.htm

Back Sundram Fasteners Q1 net down at Rs 11.6 cr

Our Bureau

Chennai , July 30

SUNDRAM Fasteners Ltd has recorded a net profit of Rs 11.57 crore on total sales of Rs 208.16 crore for the first quarter ended June 30, 2004. In the same quarter of last year, its net profit was Rs 12.61 crore on sales of Rs 121.04 crore.

The results of the quarter do not include that of TVS Autolec Ltd, which has since been amalgamated with the company.

In the first quarter, domestic sales amounted to Rs 171.75 crore (Rs 111.41 crore) and exports stood at Rs 59.64 crore (Rs 25.31 crore).

Consumption of raw materials amounted to Rs 91.10 crore (Rs 45.68 crore) while interest cost was Rs 9.06 crore, including exchange loss of Rs 7.72 crore on foreign currency loans.

A company press release said that operating margins during the period were under strain due to continuous pressure on domestic selling prices and steep hike in the cost of inputs, especially steel.

The company is negotiating with its customers for increase in prices to cover escalation in cost of steel.