The board of directors of Sundram Fasteners Limited has announced the unaudited financial results for the quarter and half-year ended 30 September 2024.

The revenue from operations was recorded at INR 12.88 billion during the second quarter of FY2024-25 as compared to INR 12.31 billion in the corresponding quarter of last fiscal.

The domestic sales for the quarter ended 30 September 2024 were of INR 8.60 billion as compared to Rs 8.59 billion during the corresponding quarter in the last fiscal.

The export sales for the quarter ended 30 September 2024 were INR 3.89 billion as compared to INR 3.37 billion during the corresponding period in the last fiscal, marking a growth of 15.4 percent.

The company registered an EBITDA of INR 2.25 billion during the quarter ended 30 September 2024 as compared to an EBITDA of INR 2.05 billion in the corresponding period of last fiscal.

The export led growth and stable commodity prices contributed to the expansion of EBITDA margins from 16.6 percent to 17.3 percent.

The Profit before Tax (PBT) for the quarter ended 30 September 2024 was INR 1.75 billion as compared to INR 1.58 billion during the corresponding period in the last fiscal, registering an increase of 11.0 percent.

The net profit for the quarter ended 30 September 2024 was at INR 1.30 billion as compared to INR 1.18 billion during the corresponding quarter of last fiscal, registering an increase of 10.5 percent.

Earnings per share for the quarter ended 30 September 2024 amounted to INR 6.22 as compared to INR 5.63 in the corresponding period last fiscal. 

The Company has incurred INR 2.38 billion as capital expenditure for the half-year ended 30 September 2024, in line with its planned capital expenditure of INR four billion for FY2024-25. These investments will help the company to scale in non-auto, EV, hybrid and adjacent spaces, according to the company sources.

The Company has incurred INR 2.38 billion as capital expenditure for the half-year ended 30 September 2024, in line with its planned capital expenditure of INR four billion for FY2024-25. These investments will help us scale in non-auto, EV, hybrid and adjacent spaces, according to the company sources.

Consolidated Financials
The Company’s consolidated revenue from operations posted for the quarter ended 30 September 2024 was INR 14.86 billion as compared to INR 14.21 billion during the corresponding quarter of last financial year. 
The consolidated net profit for the quarter ended 30 September 2024 was INR 1.43 billion compared to INR 1.33 billion during the corresponding period in the last fiscal. 
The consolidated earnings per share (EPS) for the quarter ended 30 September 2024 amounted to INR 6.78 as compared to INR 6.28 in the corresponding period last fiscal. 
 
H1 FY2024-25 results
The revenue from operations was at INR 25.99 billion for the half-year ended 30 September 2024 as compared to INR 24.48 billion during the corresponding period in the last fiscal. 
The domestic sales for the half-year ended 30 September 2024 were at INR 17.16 billion as compared to INR 16.82 billion in the corresponding period of the last fiscal. 
The export sales for the half-year ended 30 September 2024 were INR 8.11 billion as compared to INR 6.85 billion during the corresponding period in the last fiscal, registering a growth of 18.5 percent. 
The net profit for the half-year ended 30 September 2024 was at INR 2.62 billion compared to a net profit of INR 2.31 billion during the corresponding period in the previous fiscal, registering an increase of 13.5 percent.
The company’s consolidated revenue from operations posted for the half-year ended 30 September 2024 was INR 29.83 billion as compared to INR 28.32 billion during the same period in the previous fiscal. The consolidated net profit for the half-year ended 30 September 2024 was INR 2.86 billion as compared to net profit of INR 2.61 billion during the same period in the previous fiscal. 
The board at its meeting held today declared an interim dividend of INR 3.00 per share (300 percent) for FY2024-25. 
 

The Automotive Component Manufacturers Association of India (ACMA) revealed a robust 11.3 percent growth in India’s auto component industry for the first half of fiscal 2024-25, with turnover reaching INR 3,320 billion from April to September 2024.

ACMA Director General Vinnie Mehta highlighted the sector's resilience, supported by steady vehicle sales and exports. Domestic supplies to OEMs rose 11.2 percent to INR 2,830 billion, while exports expanded 7 percent to INR 933 billion, maintaining a USD 150 million trade surplus. Imports grew 4 percent to INR 920.5 billion. The aftermarket also recorded a 5 percent increase, reaching INR 474.16 crore.

“Despite global headwinds, the industry’s performance underscores its adaptability and strong fundamentals,” Mehta remarked.

ACMA President Shradha Suri Marwah noted the return of vehicle sales to pre-pandemic levels. “While two-wheeler sales surged, passenger and commercial vehicle sales remained moderate. Export challenges including rising freight costs, posed hurdles, yet the industry displayed resilience, maintaining stable value growth,” she stated.

Marwah emphasised ongoing investments in technology upgrades, localisation and higher value-added components to meet evolving market demands.

Officials also noted that North America and Europe each accounted for 31 percent of total exports. North America grew 8.3 percent, while Europe held steady. Asia, representing 22 percent, saw a 10 percent uptick.

Asia dominated with 65 percent of imports, followed by Europe (27 percent) and North America (7 percent). Imports from Asia rose 5.5 percent, while those from Europe increased 3.2 percent. North American imports declined by 8.3 percent.

The aftermarket’s 5 percent growth reflects the sector's evolution, driven by the rising penetration of e-commerce and growing demand in rural areas. The trend indicates a gradual shift towards an organised market structure.

ACMA’s review reinforces the auto component sector’s vital role in India’s economy, with strong growth prospects driven by strategic investments and market resilience.

Elaborating on the mood of the industry and outlook for the near to mid-term future, Marwah mentioned, “The festive season brought significant sales across most segments of the vehicle industry. However, reflecting on the past eight months of this fiscal year, while two-wheelers have shown promising growth, sales of passenger vehicles (PVs) and commercial vehicles (CVs) has been relatively moderate. On exports front, with geological challenges, delivery time and freight costs have once again gone up. That said, in value terms, the industry remains in robust health, signalling stability and resilience amidst evolving market dynamics. The components industry continues to make investments for purposes of higher value-addition, technology upgradation and localisation to stay relevant to both domestic and international customers.”

Germany-based tier 1 automotive supplier Continental’s Supervisory Board has given its approval to Olaf Schick, the Executive Board Member for Finance, Integrity and Law, to step down from his role effective 30 September 2025.

The auto industry veteran had held the role of Chief Financial Officer (CFO) at Mercedes-Benz Group China and also as Chief Compliance Officer at Daimler AG and CFO at Mercedes-Benz Russia. He joined Continental’s Executive Board in May 2023 and took over as the CFO on 1 July 2024.

Wolfgang Reitzle, Chairman of Continental’s Supervisory Board. The spin-off is still subject to approval by Continental AG’s Supervisory Board and Annual Shareholders’ Meeting, said, “Olaf Schick remains fully committed to driving forward the preparations for the spin-off and planned stock-market listing of the Automotive group sector until his departure.”

Nikolai Setzer, CEO and Chairman of the Executive Board, Continental, said, “We are saddened by Olaf Schick’s decision to step down early. At the same time, he continues to enjoy the full trust of all board members and the entire organisation. We look forward to working together to successfully transform Continental and increase its value.”

Olaf Schick  added, “The preparations for spinning off automotive and transforming Continental are groundbreaking challenges, and I will continue to dedicate myself to them with passion and unwavering commitment until my departure.”

Tata Motors, India's largest commercial vehicle manufacturer and mobility solutions provider, demonstrated a wide range of innovative aggregates at the ongoing Bauma Conexpo 2024.

The solutions, developed through extensive research and manufactured in state-of-the-art facilities, comprise CPCB IV+ compliant gensets ranging in power from 25kVA to 125kVA, CEV BS V emission-compliant industrial engines with power nodes ranging from 55 to 138hp, live axles, trailer axles and components. The solutions are developed for great efficiency and durability and are intended to suit the changing demands of material handling, construction equipment, industrial applications and logistics.

Vikram Agrawal, Head – Spares and Non-Vehicular Business, Tata Motors Commercial Vehicles, said, "Bauma Conexpo is the perfect platform to introduce Tata Motors aggregates for customers seeking robust and reliable technologies. These new aggregates are the direct voice of our customers, developed through extensive customer feedback. We are expanding our portfolio to address India’s evolving needs – delivering power solutions with gensets, enabling infrastructure with CEV BS V emission-compliant industrial engines and live axles and strengthening logistics with trailer axles and components.”

Shriram Pistons & Rings Limited (SPRL), one of India’s leading auto component manufacturing companies, is all set to acquire TGPEL Precision Engineering Limited, formerly known as Timex Group Precision Engineering Limited, through its wholly owned subsidiary, SPR Engenious Limited (SEL), to consolidate and strengthen its position in the manufacturing of high-precision injection moulded components.

With a debt-free, cash-free enterprise value of INR 2.2 billion, the proposed acquisition aligns with SPRL's long-term strategy to invest, diversify and expand its product portfolio in areas unrelated to ICE powertrains, solidifying its position as the industry leader. The transaction is pending customary approvals and conditions and is anticipated to be finalised by the end of December 2024.

TGPEL was founded in 2008 and has two modern production facilities in Noida, Uttar Pradesh. TGPEL's position in a variety of industries has allowed it to develop steadily year after year. TGPEL is well-equipped to design and develop high-tech precision moulds, manufacture high-precision injection moulding components, and manufacture tools internally. The company mainly provides OEMs and other automakers with injection-moulded goods and moulds. It is anticipated that TGPEL's sound financial metrics would add value to SPRL's overall consolidated financials.

Krishnakumar Srinivasan, MD & CEO, SPRL, said, “With this strategic investment, SPRL aims to consolidate its product portfolio beyond the current pistons, rings, engine valves, electric powertrain and precision plastic injection moulded parts. With its state-of-the-art mould development facility and setup for manufacturing of high-precision injection moulded parts, TGPEL will be able to service the domestic and global customers requiring precision moulded parts for automotive and other industrial applications. TGPEL has expertise to develop complex parts for various applications. By integrating SPRL’s manufacturing and engineering capabilities and strong reach with large customer base, there is scope for lot of synergies, which will help TGPEL to offer wider range of products and services to the growing Indian automotive market. This deal will only strengthen SPRL’s presence in the high-precision plastic injection moulding business, thereby ultimately benefitting our customers while creating long term value for all our stakeholders. This acquisition combines strong, technology-led manufacturing teams, allied in their pursuit of excellence to deliver world class manufacturing and moulding technology, which will enhance relationships with existing customers while creating additional opportunities for growth and expansion.”