HDFC Securities: Initiating Coverage On Sundram Fasteners
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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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