Sundram Fasteners plans Rs 150 cr capex

Sundram Fasteners Ltd (SFL) has posted an increased net profit of Rs 97.36 crore for the quarter ended September 30, 2020 as against Rs 71.07 crore during the same period in the corresponding previous year, an increase of 37%.
Sundram Fasteners plans Rs 150 cr capex

Chennai

SFL proposes to spend about Rs 150 crore towards capital expenditure for the financial year 2021 as part of capacity expansion of existing lines of business. It has already incurred Rs 63 crore towards capex for the half-year ended September 30, 2020. “With the gradual opening up of the economy post-lockdown, there has been an upward trend in the OEMs production levels,” it said in a release.
Noting that it has efficiently managed its supply chain and operating costs, SFL said operations in its factories have gradually increased to three shifts to meet the improved demand. The company is upbeat about the festive season, attributing increased industrial activity as a cause for the continued better performance.
SFL’s revenue from operations stood at Rs 766.85 crore for the quarter ended September 30, 2020 against Rs 766.82 crore during the same period in the previous year. The domestic sales for the quarter ended September 30, 2020 were at Rs 483.88 crore as against Rs 450.01 crore during the previous year showing clear signs of uptick in demand. Export sales for the quarter ended September 30, 2020 were at Rs 260.28 crore as against Rs. 290.88 crore. The export market has been slower to pick up.

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