 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.
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