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India's Sundram Sees Sales Growth in U.S.
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2012-11-23
As India's auto market slows, Sundram Fasteners Ltd. is focusing on the U.S. market for new growth, the Hindu Business Line reports. "Our exports have just boomed," stated managing director Suresh Krishna. "The rupee going down has boosted us quite a bit." "America is not stagnant anymore. It is growing slowly at 2-3%. We expect most growth from US exports," said Krishna.
The U.S. reportedly accounts for over 70% of Sundram's Rs 646 crore exports in 2011-12, which was 30% of its overall revenue. Among its customers are General Motors, Ford and Cummins. In the past 12 months exports have risen 35% for Sundram. But prospects in Europe have faded, with Sundram's UK division, Cramlington, keepings its "head above water, while Sundram's Germany division - Peiner Umformtechnik - reporting a Rs 28.81 crore in 2011, according to the Business Line. "Europe has just gone into a shell," Krishna noted.
Sundram reported total income grew 16.3% to INR 5525.4 million in the opening quarter of 2012, with net profit jumping 43.2% to INR 343.9 million. Full-year income increased 21.3% to INR 27701.6 million for the year ended March 31st 2012, while net profit dropped 11.6% to INR 995.7 million.
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reference from FIN, arranged by Fastener World Inc.
2012-11-23

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