SKF India Limited net profits up by 60.9%

2007 July 19, 11:39 CET

SKF India Limited net profits up by 60.9%

 

Sales up by 22.4% in the second quarter

 

 

 

Mumbai, 19th July, 2007:  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 and half year ended June, 30, 2007.

 

The financial highlights in comparison to last quarter are as given below:

 

  • Net Sales for the quarter ended June 2007 rose to Rs. 4014.5 Million (22.4%).

Net sales for the half year ended June 30th, 2007 amounted to Rs. 7612.7 million, an increase of 22 % over the corresponding period of last year.

 

  • The Profit before Tax (PBT) for the quarter ended June 30th, 2007 amounted to Rs. 624.1 Million.

 

  • Profit before Tax (PBT) for the half-year ended June 2007 amounted to Rs. 1197.7 million. This is a growth of 67.3% over the same period last year.

 

  • Net profit for the quarter ended June 30th, 2007was Rs. 407.4 million 

 

  • Net Profit for the six months ended June 30th, 2007 rose to Rs. 774.1 million. This is a growth of 61.8% over the same period last year.

 

  • Earnings per share for the quarter ended June 30th, 2007 was Rs. 7.7 (4.8).

 

 

Commenting on the occasion, Mr. Rakesh Makhija, Managing Director, SKF India, said," We continue to see strong demand for our products and services, especially in the Industrial sectors. The Automotive sector has witnessed considerable slowdown. We are hopeful that the interest rates will soften in the near term, which should help drive up the demand for 2 wheelers and 4 wheelers.

Our investment in the new factories remains on track."

 

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 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 Sealing Solutions Pvt Ltd providing sealing solutions. The company has manufacturing plants in Bangalore and Pune.

For further information, please contact

 

Shilpa Trivedi                                                   Candice D'Souza

SKF India                                                         Avian Media

022-66337777                                                  022-2498383

SKF logo