Sundaram Fasteners registers Rs.5,000 crore consolidated revenue in FY2023

Chennai: Auto-components manufacturer Sundaram Fasteners on Friday announced crossing consolidated revenue of Rs 5,000 crore and a net profit of Rs 500 crore for the financial year ended March 31, 2023.

Its domestic and overseas subsidiaries have registered a good performance during the year, the company said in a release.

"The company's consolidated revenue from operations posted for the year ended March 31, 2023 was at Rs 5,662.75 crore as against Rs 4,902.06 crore during the same period in the previous year, recording a growth of 15.52 per cent," it said.

Similarly, the consolidated net profit for the year was Rs 500.35 crore, as against Rs 461.83 crore recorded during the same period in the previous year.

Domestic sales recorded a 22.95 per cent growth on the back of increased demand.

"Despite the headwinds in global markets, the export sales for the year ended March 31, 2023 were at Rs 1,528.95 crore as against Rs 1,421.09 crores during the previous year," the company added.

The company incurred Rs 212.94 crore towards capital expenditure as part of capacity expansion of existing lines of business and new projects.