Chennai, Sundram Fasteners Ltd recorded total sales and other income of Rs 597.09 crore for the half year ended September 30, 2007 as against Rs 605.02 crore achieved during the same period in the previous year.
Export sales for the period were Rs 167.07 crore as against Rs 186.34 crore during the same period in the previous year mainly due to lower realisation in rupee terms due to strengthening of rupee against US Dollar and softening of the US market. Domestic sales, net of excise duties, increased to Rs 429.40 crore (Rs 417.84 crore) despite slow down in Heavy/Medium commercial vehicles sector and the slump in sale of two wheelers.
The net profit after tax was higher at Rs 46.01 crore (Rs 43.46 crore). Earning per share (on face value of Re 1 per share) for the half year amounted to Rs 2.19 (Rs 2.07).
The company has established a modern facility at the Special Economic Zone in Mahindra World City near Chennai for manufacture of hubs and shafts, to cater to the requirements of major overseas customers. The unit is on regular production stream from 1st September, 2007.
The company has also commissioned the project at Rudrapur in Uttarakhand. The unit awaits statutory clearances for commencement of regular production.
The board of directors has decided to pay an interim dividend of 0.45p per share (45%) on the equity share of the company.
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