Shares of Sundaram Fasteners tumbled as the company stated a 13% decline in separate net profit to Rs 113 crore for the June 30 quarter versus Rs 130 crore recorded in the year-ago quarter.

At 11.15 am, Sundram Fasteners’ shares were trading down 0.13% to Rs 1,216.70 apiece on NSE.

The EBITDA or earnings before interest, tax, depreciation, and amortisation came at Rs 197 crore versus Rs 215 crore in the same period last fiscal, the company mentioned in an exchange filing.

According to it, Sundram Fasteners was able to uphold EBITDA margins amid easing commodity prices and a favourable product mix.

Operational revenue declined to Rs 1,216 crore in the June 2023 quarter versus Rs 1,240 crore in the year-ago quarter. Domestic sales zoomed to Rs 822 crore besides Rs 798 crore in Q1FY22.

The company’s exports skimmed 14% to Rs 348 crore for the quarter under review. The business qualified the slowdown to muted demand in the US market.

Furthermore, the company has experienced capital expenditure for June 30 quarter in line with its prearranged capital expenditure of Rs 300 crore for FY2023-24.

After Q4FY22, shares of Sundram Fasteners rallied 5% to hit an all-time high of Rs 1,090. The company stated a 19% increase in net profit.