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Published on 12/08/2020 2:44:49 PM | Source: Dion Global Solutions Ltd

Sundaram Fasten. posts Q1 net loss of Rs 23.48 cr

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The company reported standalone net loss during the quarter stood at Rs 23.48 crore compared to net profit of Rs 93.11 crore in the previous year quarter.  Net revenue of the company declined substantially by 70.42 per cent at Rs 267.88 crore in April-June quarter of this fiscal as against Rs 905.58 crore in the corresponding period last year. During April-June quarter, operating expenses dropped by 64.74 per cent to Rs 271.38 crore from Rs 769.59 crore in year ago period.

Other Income grew by 600.92 per cent at Rs 7.64 crore versus (Jun'19 Rs 1.09 crore). Operating Profit slipped by 96.96 per cent to Rs 5.35 crore as against Rs 175.76 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 89.70 per cent in June quarter. Interest declined by 17.60 per cent y-o-y to Rs 7.91 crore, while Taxation decreased by 119.11 per cent at Rs -7.92 crore (Jun'19 Rs 41.44 crore).