Mahindra Fasteners Limited has announced its annual report. As per the consolidated financial statements of the company, the total income of the company was Rs. 140 crore in the financial year ended March 31, 2022. The total expenses of the company for the financial year F22 stood at Rs.123 crore. The PBT of the company was Rs. 17 crore, while the PAT of the company stood at Rs. 12 crore.
The company had earlier, during the FY 2020-21, declared and paid a final dividend of Rs. 3.00 per share (30%), absorbing a sum of Rs. 1.6 crore. The company has declared an interim dividend at a price of Rs. 4.00 per share (40%) for the FY 2021-22 absorbing a sum of Rs. 2.3 crore.
The industry was badly affected during peak season because of the second wave in the financial year 2021-2022. However, when the market opened, the company received significant demand from the market. As a result, the company has become more flexible in its approach and has taken a giant leap forward and recorded the highest turnover since its inception with the support of all the stakeholders.
A wide range of fasteners are manufactured in the Indian market, which include exhaust bolts, wheel bolts, standard hexagon screws/bolts, socket head cap screws, socket shoulder screws, weld nuts, square nuts, hexagon nuts, self-tapping screws and others. The Indian manufacturing sector is expected to create massive demand for the industrial fasteners market with the help of the ‘Make in India’ initiative by the Government of India.
The company’s joint venture agreement with Keller & Kalmbach, Germany to set up an inventory management company to service the industry here in India with best inventory practices shall bring renewed opportunities for the company in the domestic market.
The government of India has introduced initiatives to support the auto sector whose prime objectives include overcoming cost disabilities, creating economies of scale and building a robust supply chain in the areas of advanced automotive technology products. This scheme will facilitate and enhance the Automobile Industry especially and other industries, wherever applicable, to move up the value chain into higher value-added products.
The global industrial fasteners market size is projected to reach USD 106.05 Billion by 2028, exhibiting a CAGR of 4.2% during the forecast period. According to a report published by Fortune Business Insights, titled “Industrial Fasteners Market, 2021- 2028,” the market would be worth USD 76.70 billion in 2020.
Mohindra Fasteners Limited is an established name in the Fastener Industry. The company’s infrastructure is spread across three plants with latest equipment for manufacturing of high quality fastener assortments.