Sundram Fasteners Ltd (SFL) posted a consolidated net profit of Rs 138.03 crore during the first quarter of Financial Year 2023, rise 14.5 per cent from Rs 120.51 crore reported during the same period of the financial year 2022.

The revenue from operations of the company for 2022 came in at Rs 1,410.12 crore compared to Rs 1,129.56 crore during the FY22 which increase of 24.8 per cent.

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“The Company has registered a strong operating performance and reported highest ever profit despite a challenging environment posed by the continuous increase in raw material prices, inflationary impact in indirect materials and steep increase in freight costs and other inputs,” said Arathi Krishna, MD Sundram Fasteners. “We continue to be cautiously optimistic about the ensuing quarters” she added.

The Company said that it is planning to invest around Rs 350 crore over a period of 5 years for manufacturing advanced automotive technology components like powertrain sub-assemblies for electric vehicles (EV) and select internal combustion engine (ICE) vehicles. The investments proposed to be made in this direction are expected to provide a major thrust to the company’s exports in the years to come, it said.