The company’s revenues from operations stood at Rs 938.81 crore in the reporting quarter as compared to Rs 276.73 crore in the same period a year ago, it said in a release.
“Sundram Fasteners has delivered a strong operating performance during the quarter ended June 30, 2021 despite facing a highly challenging operating environment caused by the second wave of the coronavirus pandemic,” the company said.
Domestic sales for the latest June quarter were at Rs 559.93 crore. The same was at Rs 132.85 crore in the year-ago period. Export sales rose to Rs 356.33 crore in the three months ended June 2021 from Rs 135.02 crore in the same period a year ago.
On a consolidated basis, the company’s domestic and overseas subsidiaries have registered an impressive performance during the quarter under review, the release said.
“Despite the challenges posed by the second wave of the pandemic during the first quarter of fiscal year 2022, we managed to deliver a strong operating performance by judiciously planning our manufacturing and at the same time ensuring the health and safety of our people,” Arathi Krishna, Managing Director of Sundram Fasteners Ltd, said.
The gradual opening up of the economy from the second quarter of the previous fiscal helped create an upward trend in demand as OEMs (Original Equipment Manufacturers) ramped up their production levels. However, the second wave of COVID did cause pressure on the domestic automotive sector, she said.
This proved to be a challenge for several OEMs across the country, forcing them to cut production or suspend operations temporarily, she said, adding that cost and efficiency improvement measures enabled the company to sustain its operating and net margins.
