Sundram Margins Hurt by Steel Hikes

Jason Sandefur

Sundram Fasteners reported sales rose 14.4% to Rs. 872.74 crores (US$197.6 million) during the nine months of fiscal 2006, with nine-month export sales climbing 24% to Rs. 233.33 crores (US$52.8 million). Gross income grew 11% to Rs. 110.26 crores (US$25 million), but net profit dropped 15.7% to Rs 43.08 crores (US$9.75 million).
The India-based fastener firm said operating margins were strained by “continuous pressure on domestic selling prices,” along with steep steel and oil hikes. Web: sundram.com �2006 FastenerNews.com