SKF India Net Sales For 2009 at Rs. 15709 Million

2010 February 22, 07:01 CET

SKF India Net Sales For 2009 at Rs. 15709 Million

Net Profit 943 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 Audited Financial Results for the fourth quarter and twelve months ended December 31, 2009.

 

The financial highlights are as given below:

  • Net Sales for the fourth quarter ended December 2009 amounted to Rs.4,642 million registering a growth of 12% as compared to the immediately preceding quarter ending on September 2009 of the current year, and higher by 27% over the corresponding quarter of the previous year .
  • The Profit before tax for the fourth quarter ended December 2009 amounted to Rs.466 Million, higher by about 95% compared to the corresponding quarter of the previous year.
  • The Profit after tax for the fourth quarter ended December 2009 amounted to Rs.311 Million as compared to Rs 163 million in the corresponding quarter of the previous year.
  • Net Sales for the year 2009 is Rs. 15709 Million showing a decrease of 3% compared to the previous year.
  • The Profit after Tax for the year 2009 amounted to Rs. 943 Million as compared to Rs 1277 million in the corresponding period of last year.
  • Earnings per share at the end of the year is Rs.17.9 as compared to Rs.24.2 in 2008

 

Commenting on the occasion, Mr. Shishir Joshipura, Managing Director stated,

"The year 2009 started on an extremely challenging note following the global financial meltdown of 2008. The sharp drop in demand across the economy forced most industries to realign their production levels to match with the reduced demand levels. However, driven by strong domestic demand and stimulus measures introduced by Government, the decline was arrested in the second quarter followed by continued recovery from the third quarter of the year."

The Automotive sector led the recovery, while select industrial segments started their recovery from the third quarter. The year ended on a considerably higher note and we are cautiously optimistic that this trend will continue into 2010.

The company's focus on the 3Cs - Customer, Cost and Cash has helped us to become lean and agile and better geared to face the challenges as the economy gets into the growth mode. Reinforcing its commitment to high levels of quality and good practices, the company is constantly pursuing Six Sigma and TPM at all its operations, reflecting the company's continuous commitment towards quality and high standards.

 

 
About SKF

SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and lubrication systems. The Group's service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. The Group's annual sales 2009 were SEK 56,227 million. The number of employees was 41,172.

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 and Industrial Bearings. The company has manufacturing plants in Bangalore and Pune.

 

For further information, please contact: 
Charlotte Rodrigues | Manager - Corporate Communication | SKF India Ltd

Tel:  +91 22 66337730 | Mobile:  +91 9987265110 | e-mail: charlotte.rodrigues@skf.com

  

SKF INDIA LIMITED

 

AUDITED FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED DECEMBER 31, 2009

 

 

 

 

 

 

 

(Rs. in Million)

 

 

Particulars

Quarter ended

Quarter ended

Year ended

Year

 

 

 

Dec. 2009

Dec. 2008

Dec. 2009

2008

 

 

 

 

(Unaudited)

(Unaudited)

(Audited)

(Audited)

 

1

Net Sales / Income from Operations

4,641.8

3,665.5

15,709.3

16,202.4

 

 

 

Other Operating Income

45.1

25.8

131.2

101.8

 

 

 

Total Income ( a+b)

4,686.9

3,691.3

15,840.5

16,304.2

 

 

2

Expenditure

(32.0)

0.9

75.5

(257.9)

 

 

 

(Increase)/decrease in stock in trade and work in progress

 

 

 

Consumption of raw materials & Components

1,249.2

882.1

4,160.7

4,237.2

 

 

 

Purchase of traded goods

1,954.8

1,532.2

6,197.9

6,391.9

 

 

 

Employees Cost

317.8

364.2

1,295.8

1,276.0

 

 

 

Depreciation

70.4

71.3

289.8

289.4

 

 

 

Other expenditure

696.9

632.3

2,353.8

2,584.4

 

 

 

Total

4,257.1

3,483.0

14,373.5

14,521.0

 

 

3

Profit from Operations before Other Income, Interest and

429.8

208.3

1,467.0

1,783.2

 

 

Exceptional Items (1-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Other Income

-

-

-

-

 

 

 

 

 

5

Profit before Interest and Exceptional Items (3+4)

429.8

208.3

1,467.0

1,783.2

 

 

 

 

 

6

Interest Net

(36.2)

(30.5)

(131.6)

(160.7)

 

 

7

Profit after Interest but before Exceptional Items (5-6)

466.0

238.8

1,598.6

1,943.9

 

 

 

 

 

8

Exceptional Items (See Note 4 )

-

-

(167.6)

-

 

 

9

Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)

466.0

238.8

1,431.0

1,943.9

 

 

10

Tax expense

155.1

75.9

488.5

667.3

 

 

11

Net Profit (+)/ Loss (-) from Ordinary Activites after tax (9-10)

310.9

162.9

942.5

1,276.6

 

 

12

Extraordinary Items (net of tax expense)

-

-

-

-

 

 

13

Net Profit (+)/ Loss (-) for the period (11-12)

310.9

162.9

942.5

1,276.6

 

 

14

Paid-up Equity Share Capital (face value Rs. 10/-)

527.3

527.3

527.3

527.3

 

 

15

Reserves excluding revaluation reserves as per balance sheet

 

 

 

 

 

 

of previous accounting year.

 

 

6,620.0

5,924.2

 

 

16 Earning per Share (EPS)

 

Basic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year (not to

 

 

be annualized)

5.9

3.1

17.9

24.2

 

Basic and diluted EPS after Extraordinary Items for the

 

 

 

 

 

period, for the year to date and for the previous year (not to

 

 

 

 

 

be annualized)

5.9

3.1

17.9

24.2

17

Public shareholding

 

 

 

 

 

- Number of shares

24477970

24477970

24477970

24477970

 

- Percentage of shareholding

46.4%

46.4%

46.4%

46.4%

18 Promoters and Promoter Group Shareholding

 

 

 

 

 

Pledged / Encumbered

-

-

-

-

 

Non - encumbered

 

 

 

 

 

- Number of shares

28254568

28254568

28254568

28254568

 

- Percentage of shareholding (as a % of total Shareholding of

 

 

 

 

 

the Promoters and Promoters Group)

100.0%

100.0%

100.0%

100.0%

 

- Percentage of shareholding (as a % of total Share  Capital of

 

 

 

 

 

the company)

53.6%

53.6%

53.6%

53.6%

 

Notes:

 

1     Prior year's figures have been regrouped wherever necessary to conform to current year's classification .

 

2     The Company is of the view, that it manufactures bearings and other related components which is a single business segment in accordance with AS-17.

3 The Board Recommended a dividend of Rs. 4 per share on the equity shares of Rs. 10 each

4 During the year ended December 31, 2009 the company announced a Voluntary Retirement Scheme for its employees. An amount of Rs. 167.6 Million was incurred as VRS compensation under this scheme.

5 Number of Investor Complaints- (a) pending at the beginning of Quarter - Nil (b) received during the quarter - Nil (c ) attended during the

 

 

 

quarter - Nil (d) pending at the end quarter - Nil.

 

6

The above financial results were reviewed by the Audit Committee and approved by the Board at its meeting held on

February 19, 2010.

 

 

SKF India Limited

February 19, 2010

Shishir Joshipura

Pune

Managing Director

 


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