The company, which supplies to the automotive sector and others, incurred Rs 304.70 crore towards capital expenditure as part of capacity expansion of existing lines of business
Sundram Fasteners Ltd (SFL), part of the $8.5 billion TVS Group, posted a decline of 52.7 per cent in its profit before tax at Rs 70.22 crore during the quarter ended March 31, 2020, as compared to Rs 148.41 crore during the same period last year. The total income declined 26.95 per cent during the quarter to Rs 836.08 crore as compared to Rs 1144.63 crore registered in the corresponding period of the last year.
In view of the impact of coronavirus pandemic, the remuneration payable to the employees of SFL has been reduced by 15 per cent to 35 per cent, said the company. While chairman Suresh Krishna has taken a voluntarily pay cut of 50 per cent, chairman and
First Published: Jun 11 2020 | 7:32 PM IST