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KRChoksey Report
Sundram Fasteners Ltd. standalone revenue for Q1 FY21 declined by 70% YoY (down 62% QoQ) at Rs 2,678.8 million, impacted by lockdown and decline in overall industry volumes.
Domestic revenue was 50% of revenue in Q1 FY21. Exports in Q1 FY21 came in at Rs 1,350.5 million as against Rs 3,482.8 million in Q1 FY20. Export was 50% of total standalone revenue.
The company has gradually resumed its operations across all the plants in the month of May 2020.
Gross margin declined 261 basis points YoY and (152 basis poins QoQ) to 57.25% due to unfavourable product mix.
Ebitda for the quarter stood at Rs 54 million down 97% YoY (95% QoQ) while Ebitda margin reported at approximately 2% as compared to 18.59% in Q1 FY20.
Other income of Rs 79.10 million for Q1 FY21 includes foreign exchange gains of Rs 55.10 million during the quarter.
Sundram Fasteners reported net loss of Rs 234.8 million as compared to net profit of Rs 931.1 million in corresponding quarter last year.
Earnings per share for the quarter stood at Rs -1.12 as against Rs 4.43 in Q1 FY20.
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