SKF India Limited net Sales rises to Rs. 4312 Million. Net Profit 367Million
2008 August 08, 07:46 CET
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, 2008.
The financial highlights in comparison to corresponding period are as given below:
- Net Sales for the second quarter ended June 2008 rose to Rs. 4312 Million
an increase of 7.4% over the corresponding period of last year.
- Net Sales for the first half year ended June 2008 rose to Rs. 8233 Million
an increase of 8.1% over the corresponding period of previous year.
- The Profit after Tax for the second quarter ended June 30, 2008 amounted to Rs. 367 Million as compared to Rs 407 million over the corresponding period of last year.
- Net profit for the first half ended June 30, 2008 was Rs. 744 million as compared to 774 in the corresponding period of previous year.
- Earnings per share at the end of second quarter (not annualized) is 7.0 as compared to 7.7 of corresponding period of last year
Commenting on the occasion, Mr. Rakesh Makhija, Managing Director, SKF India ltd, we delivered solid results in a very tough environment. The skyrocketing steel prices and more importantly, erratic supplies created a huge pressure on our operations. We have focused on our key customers and on cost control to maintain our operations on an even keel.
We believe that steel prices and availability will continue to be volatile in the second half of the year. We will mitigate this thru close collaboration with our customers and focus on value added solutions and services".
"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.