Sundram Reports Strong Sales
Sundram Reports Strong Sales
Jason Sandefur
Sundram Fasteners Ltd. reported sales for the quarter ended March 31, 2003, grew 23% to $27.41 million, while net profit more than doubled to $2.95 million.
For the fiscal year ended March 31, the Chennai, India-based fastener manufacturer claimed sales rose 20% to $112.04 million. Domestic sales increased 20.5% to $91.78 million, while exports gained 17.5% to $20.72 million. Net profit for the year improved 55% to $9.84 million. Sundram said profits were boosted by a �higher volume of sales and better realization in exports.�
Sundram made news in March when it announced the setup of a $5 million fastener plant in China, reportedly the first by an Indian engineering firm. Web: sundram.com �2003 FastenerNews.com
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