11/5/2013 2:53:00 PM
NEWS BRIEFS
Sundram Fasteners Sales “Much Better”
Sundram Fasteners Ltd. reported “much better” results for the second quarter of 2013.
The India-based manufacturer said Q2 sales improved to Rs 523.5 crore, up 8.7% from the opening quarter of 2013. Export sales rose 10.5% to Rs 175.5 crore in Q2.
Gross profit for the quarter gained 17% to Rs 80.8 crore, while net profit climbed 80% to Rs 29.4 crore.
EPS for the period nearly doubled to Rs 1.4.
Sundram Fasteners reportedly is focusing on exports to the U.S. to shore up the company’s growth, according to the Business Standard.
The company is expanding its precision components capabilities for the automotive transmission segment.
The company is also cutting cost on raw material imports by sourcing domestically, as well as achieving a 30% energy cost reduction, according to the Standard. ©2013 GlobalFastenerNews.com
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