Sundaram-Clayton Ltd posts 23.43% rise in Q4 standalone net

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Sundaram-Clayton Ltd, a leading supplier of aluminium die-cast products has clocked a 23.43 percent rise in its standalone profits for the January-March 2020 period at Rs 62.05 crore.

The city-based TVS Group company had registered net profits at Rs 50.27 crore during corresponding quarter previous year.

For the full year ending March 31, 2020, net profits stood at Rs 68.70 crore, the company said in a BSE filing. The net profits registered in the corresponding period last year stood at Rs 119.66 crore.

Total income for the quarter under review was at Rs 394.77 crore as against Rs 455.65 crore registered in the same period last fiscal.

For the full year ending March 31, 2020 standalone total income slipped to Rs 1,424.14 crore from Rs 1,932.94 crore registered in the corresponding period last fiscal.

The company said its 58th annual general meeting would be held through video conference on July 30.

On the impact of COVID-19 in operations, the company said it had closed the manufacturing facilities and offices on March 23 following the coronavirus-enforced lockdown.

The company has obtained required permissions and restarted the manufacturing facilities and offices 'partially' it said.

Based on discussions with customers, vendors, the company was confident of obtaining regular supply of raw materials and components resuming supply chain logistics, it added.