Sundram Fasteners announced that CRISIL has reaffirmed the credit ratings for the company's short term debt and commercial paper at CRISIL A1+.

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Net loss of Sundram Fasteners reported to Rs 26.70 crore in the quarter ended June 2020 as against net profit of Rs 95.52 crore during the previous quarter ended June 2019. Sales declined 68.07% to Rs 362.76 crore in the quarter ended June 2020 as against Rs 1136.28 crore during the previous quarter ended June 2019.

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Net sales tumbled 68.1% year-on-year (YoY) to Rs 362.76 crore the first quarter.

In view of the unprecedented challenges brought upon by the coronavirus pandemic and pursuant to the directives issued by the Central and State Governments, Sundram Fasteners had gradually resumed its operations across all the plant locations in the month of May 2020. During the reporting quarter, the company witnessed truncated operations during May and June 2020, the TVS Group company said in a statement.

Earnings before depreciation and taxes (EBDT) for the quarter ended 30 June 2020 slumped 93.2% to Rs 12.35 crore from Rs 182.87 crore during the same period in the previous year.

Pre-tax loss in Q1 FY21 was at Rs 31.95 crore as compared to a pre-tax profit of Rs 139.25 in Q1 FY20. The company wrote back current taxes worth Rs 3.85 crore during the quarter.

Sundram Fasteners is engaged primarily 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 in automobile industry.

The scrip rose 2.08% to Rs 431.45 on the BSE. It traded in the range of 422 and 441 so far during the day.

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Sundram Fasteners will hold a meeting of the Board of Directors of the Company on 12 August 2020.

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