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(From Business Line)
Chennai, Jan. 31. A RS 11.76-crore gain arising out of foreign exchange fluctuation was mainly responsible for the 100 per cent increase in Sundram Fasteners' net profit for the quarter ended December 2004.
The company reported a net profit of Rs 24.75 crore for the quarter, as against Rs 12.03 crore in the comparable quarter of last year.
While forex gains were a key reason for the growth in profit, a few other factors have also helped. Buoyancy in exports, price revisions with retrospective effect and the effect of amalgamation of the erstwhile TVS Autolec have enabled Sundram Fasteners beat the impact of steel price …