SKF India Limited Net Sales at Rs. 3781 Million

2009 July 21, 11:28 CET

SKF India Limited Net Sales at Rs. 3781 Million

Profit before Tax and Exceptional items rises to 439 Million, up 94% over Q1 2009

 

The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings, seals and related products and services, today approved the unaudited Financial Results for the second quarter ended June, 30, 2009.

 

The financial highlights are as given below:

 

  • Net Sales for the second quarter ended June 2009 amounted to Rs.3,781 million registering a growth of 19.7% as compared to the immediately preceding quarter ending on March 2009 of the current year, though lower by 12.3% over the corresponding quarter of the previous year.

 

  • The Profit before tax for the second quarter ended June 2009 excluding exceptional items amounted to Rs.439.1 Million, registering a growth of 93.6% over the immediately preceding quarter of the current financial year, though lower by about 22% compared to the corresponding quarter of the previous year.

 

  • Operating margin for the quarter (before exceptional items) was 11.1 %, up from 5.8% in the immediately preceding quarter of the current year.

 

  • The Profit after tax and exceptional items for the second quarter ended June 2009 amounted to Rs.176.7 Million.

 

Commenting on the occasion, Mr. Rakesh Makhija, Managing Director stated "The economic downturn that started in the fourth quarter of 2008 has seen a good revival during this quarter and we hope that this trend continues in the remaining fiscal period. The automotive sector particularly two-wheeler and cars segment has shown strong signs of recovery. Some of the industrial segments also showed good signs of revival. During the current quarter we have incurred a one time restructuring cost of Rs. 168 million arising from a downsizing of our workforce at the Pune plant. Our operating margin has improved from 5.8 percent in the immediately preceding quarter to 11.1 percent this quarter (before exceptional items).

 

Going forward we are optimistic that the thrust on higher spending on infrastructure and in rural areas provided in the recent Union budget will revive consumer and investment demand.

 

In today's challenging environment we are focusing on efficiency and finding innovative ways to remain lean in order to keep our cost down. Our focus has been and will continue to remain on the 3C's - Customers, Cash & Cost."

 

About SKF

 

"The SKF Group is the leading global supplier of products, solutions and services in the area comprising rolling bearings, seals, mechatronics, services and lubrications systems. The Group's service also includes technical support, maintenance services, condition monitoring and training. The SKF Group's efforts in the R&D area have resulted in numerous innovations that have created new standards and new products in the bearing world.

SKF is present in more than 130 countries, has some 120 manufacturing sites and sales companies supported by some 15000 distributor locations that are serviced by an efficient global distribution network and a widely used e-business marketplace."

 

In India, the SKF Group started trading operations in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF India also has an associate company called SKF Technologies (India) Pvt Ltd providing sealing solutions. The company has manufacturing plants in Bangalore and Pune.

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