Sundram Fasteners Ltd

Sundram Fasteners is primarily engaged in manufacture and sale of bolts and nuts, water and oil pumps, sintered products, cold extruded components, hot & warm forged parts, radiator caps and other parts which has applications mainly in automobile industry

Pros:
Company has good consistent profit growth of 27.88% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.66%
Company has been maintaining a healthy dividend payout of 26.93%
Cons:

Peer Comparison Sector: Castings, Forgings & Fastners // Industry: Fasteners

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
707 792 793 818 853 955 969 999 1,021 1,004 945 767
577 656 646 665 703 789 791 809 829 828 770 629
Operating Profit 130 136 148 154 150 166 177 190 193 177 176 138
OPM % 18% 17% 19% 19% 18% 17% 18% 19% 19% 18% 19% 18%
Other Income 6 -2 12 8 1 14 15 10 2 5 1 7
Interest 11 -1 10 16 0 8 13 10 8 8 10 14
Depreciation 22 19 25 24 24 25 26 27 28 30 33 34
Profit before tax 103 116 125 122 127 146 154 162 159 144 135 98
Tax % 27% 24% 28% 26% 28% 35% 31% 32% 30% 25% 31% 27%
Net Profit 75 88 90 90 92 95 107 111 111 107 93 71
EPS in Rs 3.59 4.17 4.29 4.30 4.36 4.53 5.08 5.27 5.29 5.11 4.43 3.38
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,206 1,262 1,334 1,811 2,147 2,069 2,022 2,386 2,601 2,947 3,420 4,002 3,738
1,057 1,102 1,166 1,581 1,852 1,812 1,767 2,052 2,285 2,407 2,799 3,265 3,055
Operating Profit 149 160 168 230 295 257 255 334 316 541 621 737 683
OPM % 12% 13% 13% 13% 14% 12% 13% 14% 12% 18% 18% 18% 18%
Other Income 6 5 5 4 18 28 39 13 172 10 30 31 16
Interest 16 101 17 36 92 81 59 81 60 36 33 39 40
Depreciation 34 42 47 55 64 72 76 88 206 90 98 110 124
Profit before tax 104 22 108 144 157 132 160 177 221 425 520 620 535
Tax % 33% 31% 30% 27% 28% 28% 24% 24% 3% 26% 29% 30%
Net Profit 69 15 75 105 113 95 121 135 214 315 367 437 383
EPS in Rs 3.15 0.65 3.44 4.81 5.14 4.29 5.55 6.20 9.72 14.67 17.49 20.81 18.21
Dividend Payout % 27% 68% 25% 25% 26% 31% 30% 27% 21% 30% 26% 25%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.23%
5 Years:14.63%
3 Years:15.46%
TTM:-0.98%
Compounded Profit Growth
10 Years:39.63%
5 Years:27.88%
3 Years:20.39%
TTM:-5.31%
Stock Price CAGR
10 Years:24.33%
5 Years:19.03%
3 Years:19.10%
1 Year:-9.45%
Return on Equity
10 Years:22.30%
5 Years:24.69%
3 Years:25.66%
Last Year:25.03%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
21 21 21 21 21 21 21 21 21 21 21 21 21
Reserves 401 406 459 534 612 673 755 838 1,017 1,292 1,568 1,886 1,960
Borrowings 555 667 568 750 829 795 651 751 572 626 562 801 803
241 204 273 300 352 361 431 438 614 545 637 692 579
Total Liabilities 1,218 1,298 1,321 1,604 1,814 1,850 1,857 2,048 2,224 2,484 2,788 3,400 3,364
486 542 560 608 673 708 782 795 810 917 1,035 1,341 1,360
CWIP 34 26 20 32 40 21 21 15 54 50 32 83 184
Investments 133 142 142 142 143 132 123 117 309 321 359 361 343
565 588 599 822 958 989 931 1,121 1,050 1,196 1,363 1,615 1,476
Total Assets 1,218 1,298 1,321 1,604 1,814 1,850 1,857 2,048 2,224 2,484 2,788 3,400 3,364

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
130 88 195 4 174 219 386 99 457 244 413 408
-207 -98 -57 -122 -131 -65 -134 -94 -152 -207 -194 -491
91 1 -144 122 -44 -150 -253 -7 -309 -33 -217 82
Net Cash Flow 13 -9 -6 4 -1 4 -2 -2 -4 4 2 -1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 13% 12% 12% 15% 18% 14% 16% 18% 20% 26% 27% 27%
Debtor Days 79 68 71 73 74 76 73 62 65 70 72 70
Inventory Turnover 6.48 5.86 6.19 7.29 7.03 6.42 6.62 7.22 7.06 7.77 8.15 8.01