Chennai, Feb 2,2024: Boosted by other income, automotive component major Sundram Fasteners Ltd closed the third quarter with a higher net profit of Rs 116.19 crore on a lower revenue from operations.
The company suffered a loss of Rs 7 crore due to the Chennai floods in December 2023.
In a regulatory filing on Friday, the company said for the quarter ended 31.12.2023, it had earned an operational revenue of Rs1,180.62 crore (Q3FY23 Rs1,226.87 crore) and an after tax profit of Rs.116.19 crore.
During the quarter under review, the company’s other income stood at Rs 24.30 crore (Rs.9.31 crore).
Sundram Fasteners said it has lost Rs 7 crore worth of inventories, property, plant and equipment due to Chennai floods in December 2023 after adjusting minimum insurance claim based on initial survey.
“In addition, the Company is in the process of determining its final claim for loss of property, plant, equipment and Business interruption and has accordingly not recorded any further claim arising therefrom at this stage,” Sundram Fasteners said.