Shares of Sundram Fasteners rose nearly 5% to hit a record high of Rs 1,091 in intraday trade on Friday after the company reported solid fourth-quarter results.
The stock was up 3.1% at Rs 1,075 at 10:20 am, with around 6,100 shares traded on the BSE, compared with a two-week average of about 3,040 shares. Meanwhile, the S&P BSE Sensex fell 0.3% to 61,545.
The auto parts specialist posted a 19% rise in consolidated net profit to Rs 127.47 crore for the fourth quarter ending March 2023, compared to Rs 107.43 crore a year earlier.
The company’s consolidated operating income rose 8.1% year-on-year to Rs 1,447.95 crore from Rs 1,339.84 crore in the same period.
For FY22-23, the company is expected to post a net profit of Rs 500.35 crore compared to a net profit of Rs 461.83 crore in FY22. Total revenue rose 15.5% to Rs 5,662.75 crore.
During the quarter, the TVS Group of companies won the largest contract in the electric vehicle sector worth $250 million from a leading global automaker to supply subcomponents for its electric vehicle (EV) division.
The company informed the BSE in late April that CRISIL Ratings had reaffirmed its short-term debt and commercial paper ratings to CRISIL A1+.
Earlier that same month, General Motors honoured the company with the “Supplier of the Year” award at its annual supplier awards ceremony.
The stock has risen more than 11% so far this fiscal year, compared with a gain of nearly 5% for the benchmark indices.