HDFC Securities: Initiating Coverage On Sundram Fasteners  
An employee collects screws from a bin at fasteners factory (Photographer Cole Burston/Bloomberg)

HDFC Securities: Initiating Coverage On Sundram Fasteners  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Report

Sundram Fasteners Ltd.’s volumes are back to pre-Covid-19 levels for several segments, including cars, tractors and two-wheelers.

We expect sales to grow in mid-teens over FY21-23, led by a cyclical uptick in India and abroad.

The company’s enhanced competencies have allowed it to diversify into multiple products. It is also expanding in the non-auto segment.

It has lowered dependence on high tensile fasteners – with contribution reducing from 80% of revenues earlier to 31% currently.

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HDFC Securities Sundram Fasteners - Initiating Coverage.pdf

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