Sundaram Finance Holdings Ltd has registered net profit at Rs 5.13 crore for the quarter ending June 30, 2021 up by 80 per cent, the company said on Thursday.The city-based company had registered net profit at Rs 2.85 crore during corresponding quarter previous year.Revenue during the quarter under review grew to Rs 10.50 crore from Rs 9.30 crore registered in the corresponding quarter previous year, a company statement said here.Sundaram Finance Holdings primarily operates as a holding company, owning a portfolio of businesses engaged in automotive manufacturing including brakes, turbo chargers, ferrous castings, axles, wheels, fuel injection.The company's significant investments include Sundaram-Clayton, WheelsIndia, IMPAL and Brakes India, Turbo Energy.According to the statement, while performance of portfolio companies is improving, they are still below their results in FY19-20 due to the downturn in the automotive industry driven by cyclical factors as well as the impact of the COVID-19 pandemic."We remain optimistic on the recovery and growth of the automotive sector in the medium term and consequently we expect a recovery in the future results of the company", Sundaram Finance Holdings Ltd Director, Harsha Viji said.According to company chairman T T Srinivasaraghavan, the down-turn was an opportunity to further consolidate the long-term holdings in the portfolio."We have bought out foreign partners in Wheels India and Brakes India with an investment of Rs 450 crore", he said.The company increased its stake in Wheels India Ltd, a steel wheel manufacturer for cars and commercial vehicles, from 13.58 per cent to 23.28 per cent through an acquisition of an additional 9.70 per cent from its foreign partnerTitanEurope for Rs 100 crore.The combined holding of Indian promoters in Wheels India stands at 57.53 per cent.During the first quarter of current financial year, Sundaram Finance Holdings completed the acquisition of an additional 7.71 per cent stake in Brakes India Pvt Ltd for a consideration of Rs 350 crore from the foreign partner ZF International, taking its stake from 6.67 per cent to 14.38 per cent, making the Indian promoters hold 100 per cent stake.The investment was funded through a rights issue which was completed on June 11, 2021, it said.SF Holdings also consolidated its shareholding in its foundry portfolio by acquiring 6.84 per cent stake in Flometallic India Pvt Ltd and consequently its stakeincreased to 46.84 per cent from 40 per cent.Flometallic India operates ferrous metal foundries in Gujarat and primarily supplies automotive components for domestic and overseas markets.SF Holdings said, in October 2020, it made an investment of Rs 23.71 crore into the carbon fibre business of Italy-based Mind S.r.l for a stake of 40.6 per cent."The carbon fibre market, though nascent in India now, has solid potential to grow in the long term and the technology and expertise from Mind S.r.L will help position SF Holdings well in the market", company director Srivats Ram said."In the long term, the carbon fibre operations could get partially shifted to India, which is expected to decrease manpower cost and expand margins", he said.