Shares of Chennai-based Sundram Fasteners Ltd. hit their highest level in 52 weeks on Friday after the auto components company's March quarter earnings.

Share Market Live

NSE

Revenue for the quarter increased by 7.5 percent to Rs 1,451 crore from Rs 1,349 crore a year ago.

Operating profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), jumped 18.5 percent to Rs 226 crore during the quarter compared with Rs 190 crore in the same quarter last year.

EBITDA margin for the period rose by 140 basis points to 15.6 percent from 14.2 percent year-on-year.

Sundram Fasteners’ profit after tax (PAT) was up 10 percent during the quarter to Rs 132 crore compared with Rs 120 crore a year ago.

The company said domestic sales for the March ended quarter were at Rs 820.7 crore as against Rs 749.66 crore during the previous year, posting an increase of 9.5 percent.

Exports for the quarter stood at Rs 380.77 crore as against Rs 366 crore, a rise of 4 percent.

The company also incurred Rs 213 crore towards capital expenditure as part of capacity expansion of existing lines of business and new projects.

Besides that, the board of directors of Sundram Fasteners also declared a second interim dividend of Rs 3.06 per share. The total dividend including special dividend for the financial year 2022-2023 would amount to Rs 8.63 per share.

Sundram Fasteners fixed May 16, 2023, as the record date for finalising the shareholders eligible to receive the second interim dividend. The dividend will be paid to shareholders on June 1, 2023.

The company also announced that its 60th Annual General Meeting will be held on Thursday, June 29, 2023, at 10 AM through video conference.

Shares of Sundram Fasteners ended 1.9 percent higher at Rs 1,064.