According to Krishna, whatever the company has achieved in Q1 will be repeated in Q2 and may surge after the Puja. He expects Q3 and Q4 to be healthier.
Sundram Fastners is confident of maintaining a 10 percent revenue growth for Q2 on the back of recovery in the automotive industry, says CMD Suresh Krishna. He sees a revival in cars and tractor sales and expects a pick up in commercial vehicles post Puja holidays in the end of October. The stock of the company has rallied over 200 percent this year.
According to Krishna, whatever the company has achieved in Q1 will be repeated in Q2 and may surge after the Puja and expects Q3 and Q4 to be healthier.
The manufactures of automotive and engineering components also witnessed huge growth in exports this year. The company expect Rs 1000 crore in FY15 against Rs 790 crore in FY14. The company saw strong margin expansion in Q1 from around 11 percent to almost 16 percent due to rise in export sales by 30 percent to around Rs 228 crore.
Krishna believes the German subsidiary of the company, which faced difficulty as wind energy fasteners in Europe subsided due to lack of investments and euro crisis in Italy and Spain, will do better this year.
The currency appreciation and the stability in rupee have allowed the Chinese and the British units of Sundram Fastners wipe-off all their losses. The Chinese company will start declaring dividends this year whereas the Bristish unit has been doing it already.
Sundram stock price
On September 24, 2014, at 14:15 hrs Sundram Fasteners was quoting at Rs 150.00, down Rs 0.3, or 0.2 percent. The 52-week high of the share was Rs 164.15 and the 52-week low was Rs 34.00.
The company's trailing 12-month (TTM) EPS was at Rs 6.17 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 24.31. The latest book value of the company is Rs 36.91 per share. At current value, the price-to-book value of the company is 4.06.
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