Sundram Fasteners LimitedNSE: SUNDRMFAST

Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended 30th September 2021 (English Version)

Nov 11, 2021 at 9:06 AM UTC · Issued by Sundram Fasteners Limited

Sundram Fasteners Limited				Registered & Corporate Office : 98-A, VII Floor,
CIN : L35999TN1962PLC004943			Dr Radhakrishnan Salai, Mylapore, Chennai - 600 004.
					Telephone: +91-44-28478500 \| Fax : +91-44-28478510
					Email:investorshelpdesk@sfl.co.in \| Website: www.sundram.com
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
								Rs. in Crores
		Particulars		Quarter ended		Half year ended	Year ended
			30-09-2021	30-06-2021	30-09-2020	30-09-2021	30-09-2020	31-03-2021

			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income

		Revenue from operations	1,063.07	938.81	766.85	2,001.88	1,043.58	3,065.03
	b. Other income	1.22	9.54	6.51	10.76	14.15	16.57
	Total income	1,064.29	948.35	773.36	2,012.64	1,057.73	3,081.60
2	Expenses
	a. Cost of materials consumed	486.09	409.43	309.70	895.52	392.85	1,267.70
	b. Changes in inventories of finished goods and work-in-progress	(39.04)	(31.69)	(6.42)	(70.73)	28.73	(23.91)
	d. Employee benefits expense	78.11	76.66	61.63	154.77	119.83	271.44
	e.	Finance costs	2.07	4.17	0.06	6.24	7.97	14.16
	f.	Depreciation and amortization expense	38.02	37.58	36.81	75.60	73.29	146.58
	g. Other expenses	338.18	301.07	240.93	639.25	335.81	967.52
	Total expenses	903.43	797.22	642.71	1,700.65	958.48	2,643.49
3	Profit before tax (1-2)	160.86	151.13	130.65	311.99	99.25	438.11
4	Tax expense
		a) Current tax	39.06	37.69	28.98	76.75	22.93	104.64
		b) Deferred tax	1.64	0.89	4.31	2.53	2.44	5.33
	Total tax expense	40.70	38.58	33.29	79.28	25.37	109.97
5	Profit for the period (3-4)	120.16	112.55	97.36	232.71	73.88	328.14
6	Other comprehensive income
		Items that will not be reclassified to profit or loss
		(i) Re-measurement gains / (losses) on defined benefit plans	0.64	0.02	0.21	0.66	(0.54)	0.44
		(ii) Fair value (losses) / gains on equity instruments	(0.62)	3.34	5.58	2.72	6.59	17.92
		(iii) Income tax effect on above	(0.07)	(0.23)	(0.91)	(0.30)	(0.72)	(3.08)
	Total other comprehensive (loss) / income	(0.05)	3.13	4.88	3.08	5.33	15.28
7	Total comprehensive income for the period (5+6)	120.11	115.68	102.24	235.79	79.21	343.42
8	Paid-up equity share capital (face value of Re 1 /- each fully paid up)	21.01	21.01	21.01	21.01	21.01	21.01
9	Earnings per share (EPS) (face value of Re 1 /- each)
	(i) Basic (in Rs.) (not Annualised)	5.72	5.36	4.64	11.08	3.52	15.62*
	(ii) Diluted (in Rs.) (not Annualised)	5.72	5.36	4.64	11.08	3.52	15.62*
	* Annualised

Sundram Fasteners Limited	Registered & Corporate Office : 98-A, VII Floor,
CIN : L35999TN1962PLC004943	Dr Radhakrishnan Salai, Mylapore, Chennai - 600 004.
	Telephone: +91-44-28478500 \| Fax : +91-44-28478510
	Email:investorshelpdesk@sfl.co.in \| Website: www.sundram.com

Notes:

1	Statement of assets and liabilities
			Rs. in Crores
		As at	As at
	Particulars	30-09-2021	31-03-2021
		Unaudited	Audited
	ASSETS
	Non-current assets
	(a) Property, plant and equipment	1,484.25	1,513.75
	(b) Capital work-in-progress	133.45	104.82
	Investment property	0.38	0.39
	Right of use assets	45.56	46.81
	(c) Intangible assets	2.68	3.05
	(f) Financial assets
	- Investments	342.57	337.16
	- Loans	9.14	7.78
	- Other financial assets	27.49	30.82
	(h) Other tax assets, net	61.10	59.01
	(i) Other non-current assets	54.85	42.22
		2,161.47	2,145.81
	Current assets
	(a) Inventories	675.43	558.80
	(b) Financial assets
	- Trade receivables	742.01	715.06
	- Cash and cash equivalents	6.37	12.85
	- Bank balances other than those mentioned in cash and cash equivalents	4.10	4.04
	- Loans	6.18	6.11
	- Other financial assets	3.13	3.51
	(d) Other current assets	65.52	43.98
		1,502.74	1,344.35
	Total assets	3,664.21	3,490.16
	EQUITY AND LIABILITIES
	Equity
	Equity share capital	21.01	21.01
	Other equity	2,476.38	2,312.03
	Total equity	2,497.39	2,333.04
	Liabilities
	Non-current liabilities
	Financial liabilities
	- Borrowings	111.45	182.80
	- Lease liabilities	3.45	4.16
	Provisions	7.29	6.90
	Deferred tax liabilities, net	117.85	115.02
	Other tax liabilities, net	6.97	7.84
		247.01	316.72
	Current liabilities
	Financial liabilities
	- Borrowings	379.21	273.23
	- Lease liabilities	4.73	5.49
	- Trade payables
	Total outstanding dues of micro enterprises and small enterprises; and	15.33	35.94
	Total outstanding dues of creditors other than micro enterprises and small enterprises	368.86	417.60
	- Other financial liabilities	81.05	54.00
	Other current liabilities	5.89	6.27
	Provisions	19.52	21.68
	Other tax liabilities, net	45.22	26.19
		919.81	840.40
	Total liabilities	1,166.82	1,157.12
	Total equity and liabilities	3,664.21	3,490.16

Sundram Fasteners Limited		Registered & Corporate Office : 98-A, VII Floor,
CIN : L35999TN1962PLC004943		Dr Radhakrishnan Salai, Mylapore, Chennai - 600 004.
		Telephone: +91-44-28478500 \| Fax : +91-44-28478510
		Email:investorshelpdesk@sfl.co.in \| Website: www.sundram.com
Notes:
2	Statement of cash flows				Rs. in Crores
			Half year ended	Year ended
	Particulars
		30-09-2021	30-09-2020	31-03-2021
			Unaudited	Unaudited	Audited
A. Cash flows from operating activities
Profit before tax		311.99	99.25	438.11
Adjustments for:
Depreciation and amortization expense		72.68	70.65	141.44
Amortization of right of use assets		2.92	2.64	5.14
Unrealised foreign exchange (gain) / loss, net		(0.07)	0.85	2.50
Mark to market gain on derivative instruments		(0.18)	(0.96)	(0.09)
Finance costs		6.24	7.97	14.16
Interest income		(0.18)	(3.84)	(6.10)
Dividend income		(0.96)	(0.69)	(1.20)
Loss / (profit) on sale of property, plant and equipment, net		0.17	(0.33)	(0.03)
Financial guarantee income		(1.12)	(0.56)	(1.06)
Gain on sale of investment in mutual funds		(0.18)	(0.33)	(0.97)
			391.31	174.65	591.90
Adjustments for changes in working capital:
(Increase) / decrease in inventories		(116.63)	34.04	(65.88)
Increase in financial assets		(24.69)	(10.12)	(176.26)
(Increase) / decrease in other assets		(21.68)	13.33	19.73
(Decrease) / increase in financial liabilities		(42.78)	62.39	150.30
(Decrease) / increase in other liabilities and provisions		(1.49)	8.30	1.00
Cash generated from operating activities		184.04	282.59	520.79
Income taxes paid, net		(60.68)	(25.78)	(106.86)
Net cash from operating activities		123.36	256.81	413.93
B. Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets		(83.35)	(62.52)	(128.15)
(including capital work-in-progress and capital advances)

Purchase of right of use assets		-	(0.50)	(1.36)
Proceeds from sale of property, plant and equipment		0.33	0.35	0.77
Acquisition of investments		(917.19)	(88.30)	(689.86)
Proceeds from sale of investments		916.70	63.57	682.58
Dividend received		0.96	0.69	1.20
Interest received		0.34	3.81	5.78
Net cash used in investing activities		(82.21)	(82.90)	(129.04)
C. Cash flows from financing activities
Repayment of long term borrowings		(37.03)	-	-
Proceeds from / (repayment of) short term borrowings, net		68.24	(103.81)	(229.91)
Repayment of lease liabilities		(3.63)	(3.01)	(5.10)
Dividend paid		(71.44)	-	(27.32)
Interest paid		(3.77)	(12.91)	(21.67)
Net cash used in financing activities		(47.63)	(119.73)	(284.00)
D. Net cash flows during the year (A + B + C)		(6.48)	54.18	0.89
E. Cash and cash equivalents at the beginning		12.85	11.96	11.96
F. Cash and cash equivalents at the end (D + E)		6.37	66.14	12.85

Sundram Fasteners Limited	Registered & Corporate Office : 98-A, VII Floor,
CIN : L35999TN1962PLC004943	Dr Radhakrishnan Salai, Mylapore, Chennai - 600 004
Telephone: +91-44-28478500 Fax : +91-44-28478510

	Email:investorshelpdesk@sfl.co.in
	Website: www.sundram.com

Notes:

The above standalone financial results were reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors in their meetings held on November 10, 2021 and November 11, 2021 respectively. The Statutory Auditors have carried out a limited review for the quarter and half year ended September 30, 2021 and have issued an unmodified report thereon.
The standalone financial results of the Company have been prepared in accordance with Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and SEBI Circular dated July 5, 2016.
The Company is engaged in manufacture and sale of bolts and nuts, water and oil pumps, sintered products, cold extruded components, hot and warm forged parts, radiator caps and other parts which largely have applications primarily in automobile industry and thus the Company has only one reportable segment.
Standalone revenue from operations for the half year ended September 30, 2021 includes exports of Rs. 719.13 crores (corresponding previous period - Rs. 395.30 crores). Other income for the half year ended September 30, 2021 includes net foreign exchange gain of Rs. 7.27 crores (corresponding previous period - Rs. 6.02 crores). Finance cost for the quarter and half year ended September 30, 2021 includes exchange loss of Rs. 0.36 crores (corresponding previous period exchange gain of Rs. 5.40 crores) and exchange loss of Rs. 3.42 crores (corresponding previous period exchange gain of Rs. 4.83 crores) respectively.
In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Company has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption. In view of the pandemic, the Company has considered internal and external information and has performed an analysis based on current estimates while assessing the recoverability of assets including, trade receivables, inventories and other current / non-current assets (net of provisions established) for any possible impact on the standalone financial results. The Company has also assessed the impact of this whole situation on its capital and financial resources, profitability, liquidity position, internal financial controls etc., and is of the view that based on its present assessment, the necessary impact has been given in the preparation of the standalone financial results. The Company will continue to closely monitor any material changes to future economic conditions.
Previous period figures have been regrouped / reclassified, wherever necessary, to conform with the current period classification / presentation.

Chennai	For Sundram Fasteners Limited
November 11, 2021

SURESH KRISHNA

Digitally signed by SURESH KRISHNA DN: cn=SURESH KRISHNA, serialNumber=27291A80ABE1ECDA 724003A11101DC15C42D6EAAE48E 29AAE9C9AA2B1F927FE0, st=Tamil Nadu, postalCode=600086, o=Personal, c=IN

Date: 2021.11.11 10:12:06 +05'30'

Chairman

Sundram Fasteners Limited				Registered & Corporate Office : 98-A, VII Floor,
						Dr Radhakrishnan Salai, Mylapore, Chennai - 600 004
CIN : L35999TN1962PLC004943				Telephone: +91-44-28478500 Fax : +91-44-28478510
				Email:investorshelpdesk@sfl.co.in

							Website: www.sundram.com
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
								Rs. in Crores
		Particulars		Quarter ended		Half year ended	Year ended
		30-09-2021	30-06-2021	30-09-2020	30-09-2021	30-09-2020	31-03-2021

			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income

		Revenue from operations	1,242.26	1,112.43	889.33	2,354.69	1,262.50	3,644.29
	b. Other income	1.76	17.13	7.71	18.89	16.34	27.40
	Total income	1,244.02	1,129.56	897.04	2,373.58	1,278.84	3,671.69
2	Expenses
	a. Cost of materials consumed	542.06	479.87	351.86	1,021.93	469.45	1,471.20
	b. Changes in inventories of finished goods and work-in-progress	(36.20)	(45.71)	(10.39)	(81.91)	27.41	(44.17)
	d. Employee benefits expense	120.92	118.30	88.67	239.22	172.92	400.03
	e.	Finance costs	5.83	7.75	2.60	13.58	14.02	26.13
	f.	Depreciation and amortization expense	47.27	46.61	44.88	93.88	89.18	179.69
	g. Other expenses	397.06	359.52	280.63	756.58	399.02	1,153.11
	Total expenses	1,076.94	966.34	758.25	2,043.28	1,172.00	3,185.99
3	Profit before tax (1-2)	167.08	163.22	138.79	330.30	106.84	485.70
4	Tax expense
		a) Current tax	42.03	41.16	31.05	83.19	27.20	116.96
		b) Deferred tax	1.14	1.57	4.10	2.71	1.43	6.03
	Total tax expense	43.17	42.73	35.15	85.90	28.63	122.99
5	Profit for the period (3-4)	123.91	120.49	103.64	244.40	78.21	362.71
6	Other comprehensive income
		Items that will not be reclassified to profit or loss
		(i) Re-measurement gains / (losses) on defined benefit plans	0.64	0.02	0.21	0.66	(0.54)	0.66
		(ii) Fair value (losses) / gains on equity instruments	(0.65)	3.40	5.63	2.75	6.74	18.18
		(iii) Income tax effect on above	(0.07)	(0.23)	(0.91)	(0.30)	(0.72)	(3.13)
		Items that will be reclassified to profit or loss
		(i) Exchange differences on translation of foreign operations	(1.20)	6.30	(2.47)	5.10	0.26	3.66
		(ii) Income tax effect on above	-	-	-	-	-	-
	Total other comprehensive (loss) / income	(1.28)	9.49	2.46	8.21	5.74	19.37
7	Total comprehensive income for the period (5+6)	122.63	129.98	106.10	252.61	83.95	382.08
8	Net profit attributable to

	a) Owners of the Company	122.48	119.64	102.42	242.12	75.72	359.18
	b) Non controlling interest	1.43	0.85	1.22	2.28	2.49	3.53
9	Total comprehensive income attributable to
	a) Owners of the Company	121.20	129.13	104.88	250.33	81.46	378.50
	b) Non controlling interest	1.43	0.85	1.22	2.28	2.49	3.58
10	Paid-up equity share capital (face value of Re 1 /- each fully paid up)	21.01	21.01	21.01	21.01	21.01	21.01
11	Earnings per share (EPS) (face value of Re 1 /- each)
	(i) Basic (in Rs.) (not Annualised)	5.83	5.69	4.87	11.52	3.60	17.10*
	(ii) Diluted (in Rs.) (not Annualised)	5.83	5.69	4.87	11.52	3.60	17.10*
	* Annualised

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