The Hindu Business Line : Sundram Fasteners Q3 net up on higher sales

SUNDRAM Fasteners Ltd has reported a net profit of Rs 10.03 crore for the quarter ended December 2002, as against Rs 7 crore in the corresponding quarter of last year.

The growth has come about from increased sales, mostly domestic. Domestic sales increased to Rs 107.24 crore (Rs 85.11 crore). Exports rose marginally to Rs 22.23 crore (Rs 21.19 crore).

For the nine-month period ended December 2002, SFL made a net profit of Rs 31.78 crore, which was 40 per cent higher than Rs 22.78 crore made in the first nine months of last year.

The company's net profit for the first three quarters of the current year, exceeds its net profit for the whole of last year, which was Rs 29.21 crore.

Sundram Fasteners' subsidiary, TVS Autolec Ltd made a net profit of Rs 2.28 crore in the first nine months of the current year, as against Rs 62.40 lakh in the same period last year, and Rs 18.47 lakh in the whole of last year.

In Q3 2002-03, TVS Autolec made a net profit of Rs 87.06 lakh (Rs 29.64 lakh).

Turnover for the quarter was Rs 30.51 crore (Rs 24.15 crore). In the first three quarters, TVS Autolec's turnover amounted to Rs 86.44 crore (Rs 70.28 crore).

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