SFL MD Arathi Krishna. | Photo Credit: Special Arrangement

Sundram Fasteners Ltd. (SFL) has reported a 15.6% increase in standalone net profit for the first quarter to ₹130 crore over the year-earlier period.

Revenue from operations grew by 32% to ₹1,240 crore, the firm said in a regulatory filing.

Domestic sales rose to ₹799 crore from ₹560 crore, while export sales grew by 14% to ₹406 crore. The company continues to post a robust growth in export sales, the company said in a statement.

SFL has registered a strong operating performance and reported the highest-ever profit despite a challenging environment posed by continuous increase in raw material prices, inflationary impact in indirect materials and steep increase in freight costs and other inputs, said Arathi Krishna, MD.

"We continue to be cautiously optimistic about the ensuing quarters," she said.

On capex, she said SFL had planned an investment of ₹350 crore over a period of five years for manufacturing Advanced Automotive Technology Components such as powertrain sub-assemblies for electric vehicles and select internal combustion engine vehicles.

In addition, SFL proposes to make additional investments of ₹300 crore over the next two years in the wind- energy business.

She also said SFL continued its efforts in developing new products such as tower fasteners, valve body housing and swash plate for hydraulic power system, electric water pumps for passenger utility vehicles and sintered pulleys for electric scooter application, which is expected to pave way for better business prospects in the future.

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Printable version | Jul 29, 2022 9:12:37 pm | https://www.thehindu.com/business/Industry/sundram-fasteners-q1-net-rises-156-to-130-cr/article65697846.ece