Sundram Fasteners’ net stood at Rs 87 cr

CHENNAI: Sundram Fasteners Ltd., part of the USD six billion TVS Group, has recorded standalone profits at Rs 87.66 crore for the fourth quarter ending March 31, 2017. The Chennai-based company had registered standalone net profits at Rs 87.20 crore during corresponding quarter of previous year. "The profit performance in fourth quarter (ending March 31, 2017) is not comparable with previous year, since the net profits for the fourth quarter in 2015-16 considered a write-back of tax provision to the extent of Rs 37.17 crore during to application of Minimum Alternate Tax," a company statement said, reports PTI. For the full year ending March 31, 2017 standalone net profits surged to Rs 315.48 crore from Rs 213.99 crore registered during the year ago period.