Sundram Fasteners plans to invest Rs 350 crore over five years to manufacture advanced automotive technology components such as powertrain assemblies for electric vehicles (EVs) and individual internal combustion engine (ICE) vehicles. The investment planned in this direction is expected to give a major boost to the company’s exports in the coming years, the company’s top management said on Friday.

The company is making efforts to develop new products such as tower fasteners, valve body and swash plate for hydraulic power systems, electric water pumps for passenger trucks and sintered pulleys for electric scooter applications, which are expected to pave the way for better prospects. business in the future, the guide added.

Sundram Fasteners offers a diversified product line for the automotive industry from its facilities in three countries. Its products consist of high-strength fasteners, powder metal parts, cold extrusion parts, heat-treated components, radiator caps, automotive pumps, gear levers, gears and couplings, hubs and shafts, tappets and iron powder. Over the years, the company has acquired advanced technological competencies in forging, metal pressure treatment, close tolerance machining, heat treatment, surface finishing and assembly.

Meanwhile, Sundram Fasteners reported a consolidated profit of Rs 1,410.12 crore for the quarter ended June 2022, compared with Rs 1,129.56 crore in the year-earlier period, an increase of 24.8 percent. Also, consolidated net profit for the quarter ended June 30, 2022 was Rs 138.03 crore against a net profit of Rs. 120.51 crore over the same period last year, representing a growth of 14.5 percent.

Arathi Krishna, Managing Director, Sundram Fasteners, said, “The company registered strong operational performance and reported the highest ever profit despite a challenging environment due to continuous rise in raw material prices, inflationary impact of indirect materials and sharp increase in freight cost etc. entrances. We remain cautiously optimistic about the next quarters,” she added.

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