Sundram Fasteners, part of the TVS Group, reported standalone revenue for its year ending 31st March 2019 at INR 4,034 crore; a 16.3% increase from INR 3,419 crore for the previous fiscal year.
Domestic sales grew 15% to INR 2,469.15 crore, on the back of increased production for commercial vehicles. Sundram also said it had expanded its domestic dealer network in order to increase sales penetration to industrial segments, which contributed to growth.
Export sales increased 18.4% to INR 1,382.99 crore, which Sundram said was partially due to volume growth, partially to a greater contribution from favourable exchange rates.
Fourth quarter sales, however, increased by only 4.8%, although net profit increased 15%.
Full year net profit after tax was INR 437.12 crore, up 18.9% on the previous fiscal year.
The company announced that its new plant, at Mahindra World City, commenced commercial production of forged and machined parts for cross-overs and mini-trucks on 16th January 2019. Sundram is in the process of setting up a new SEZ unit at Sri City, Andhra Pradesh, to manufacture high precision engineering components. This will be used as a hub to consolidate its foray into the non-automotive segment including off-road vehicles for export.
Full Financial Statement available here
(1 crore = 10 million. INR 10 million approximately equivalent to EUR127,285 at Interbank Rate)
Having held senior management roles in leading automotive and fastener businesses, Phil joined Fastener + Fixing Magazine as editor in 2002. Convinced there is no substitute for ‘being there’, over 15 years of visits and interviews around the world means he has accumulated an extraordinary knowledge and perspective of the global fastener industry, reflected in his incisive and thought provoking reporting.