SKF India Limited net Sales rises to Rs. 4304 Million. Net Profit 370 Million
2008 October 24, 14:39 CET
SKF India Limited net Sales rises to Rs. 4304 Million.
Net Profit 370 Million
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 third quarter ended September 30, 2008.
The financial highlights in comparison to corresponding period are as given below:
- Net Sales for the third quarter ended September 2008 rose to Rs. 4304 Million an increase of 11.2% over the corresponding period of last year.
- Net Sales for the first nine months ended September 2008 rose to Rs. 12537 Million an increase of 9.1% over the corresponding period of previous year.
- The Profit after Tax for the third quarter ended September 30, 2008 amounted to Rs. 370 Million as compared to Rs 431 million in the corresponding period of last year.
- Net profit for the first nine months ended September 30, 2008 was Rs. 1114 million as compared to 1205 million in the corresponding period of previous year.
- Earnings per share at the end of third quarter (not annualized) is 21.1 as compared to 22.9 in corresponding period of last year .
Commenting on the occasion, Mr. Rakesh Makhija, Managing Director stated "Our Industrial business continued its strong run during the quarter. Demand from the Automotive Sector, particularly cars and commercial vehicles remained weak as a result of high interest rates and an uncertain economic environment. Higher input material costs continued to put pressure on margins. We continue to work closely with our customers and suppliers to offset some of these adverse conditions. We are also stepping up our productivity and cost reduction programs through the use of Six Sigma and Lean tools. We believe that the economic situation will remain uncertain for some time and our focus is clearly on creating close customer partnerships to help them achieve their stated goals and objectives."
"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 15 000 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.