SKF India Net Sales at Rs. 4128 Million. Profit after Tax at 310 Million, up 75% over Q2 2009

2009 October 30, 15:52 CET

SKF India Net Sales at Rs. 4128 Million

Profit after Tax at 310 Million, up 75% over Q2 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 third quarter and nine months ended September, 30, 2009.

 

The financial highlights are as given below:

  • § Net Sales for the third quarter ended September 2009 amounted to Rs.4,128 million registering a growth of 9.2% as compared to the immediately preceding quarter ending on June 2009 of the current year, though lower by 4.1% over the corresponding quarter of the previous year .
  • § The Profit before tax for the third quarter ended September 2009 amounted to Rs.467 Million registering a growth of 72.3% over the immediately preceding quarter of the current financial year, though lower by 17.1% compared to the corresponding quarter of the previous year.
  • § The Profit after tax for the third quarter ended September 2009 amounted to Rs.310 Million as compared to Rs 370 million in the corresponding quarter of the previous year.

 

Commenting on the occasion, Mr. Rakesh Makhija, Managing Director stated "The economic revival seen during the previous quarter has maintained its momentum in the current quarter and we hope that this trend will continue in the remaining fiscal period. The automotive sector including two and three-wheeler has shown strong signs of recovery. Some of the industrial segments are also showing signs of revival. Going forward we are optimistic that the thrust on higher spending on infrastructure and stimulus packages announced by the government will revive consumer and investment demand.

 

Our focus on 3Cs - Customer, cost and Cash has helped us become lean and agile. We hope to carry this momentum forward as the economy gets into the growth mode.

 

 
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 2008 were SEK 63,361 million. The number of employees was 44,799. www.skf.com.

 

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 
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED SEPT. 30, 2009
       (Rs. in Million)
ParticularsQuarter endedQuarter ended9 Months Ended 9 Months Ended Year 
Sept. 2009Sept. 2008Sept. 2009Sept. 2008 2008
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited)
1aNet Sales / Income from Operations                4,128.2       4,303.9         11,067.6         12,536.9             16,202.4
 bOther Operating Income                     51.4             27.9                 86.1                 76.0                  101.8
  Total Income ( a+b)                4,179.6       4,331.8         11,153.7         12,612.9             16,304.2
2 Expenditure     
 a(Increase)/decrease in stock in trade and work in progress                    (80.6)           (61.8)               104.3             (258.8)                 (257.9)
 bConsumption of raw materials & Components                1,125.2       1,231.0           2,911.4           3,355.1               4,237.2
 cPurchase of traded goods                1,664.4       1,639.2           4,246.1           4,849.7               6,379.6
 dEmployees Cost                   334.9           313.9               978.0               911.8               1,276.0
 eDepreciation                     71.6             70.6               219.3               218.1                  289.4
 fOther expenditure                   628.3           618.7           1,656.9           1,957.5               2,589.9
  Total                3,743.8       3,811.6         10,116.0         11,033.4             14,514.2
3 Profit from Operations before Other Income, Interest and Exceptional Items (1-2)                   435.8           520.2           1,037.7           1,579.5               1,790.0
4 Other Income                          -                   -                       -                       -                           -  
5 Profit before Interest and Exceptional Items (3+4)                   435.8           520.2           1,037.7           1,579.5               1,790.0
6 Interest Net                    (31.5)           (43.3)               (95.4)             (125.5)                 (153.9)
7 Profit after Interest but before Exceptional Items (5-6)                   467.3           563.5           1,133.1           1,705.0               1,943.9
8 Exceptional Items (See Note 3 )                          -                   -               (167.6)                     -                           -  
9 Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)                   467.3           563.5               965.5           1,705.0               1,943.9
10 Tax expense                   156.9           194.0               333.3               591.4                  667.3
11 Net Profit (+)/ Loss (-) from Ordinary Activites after tax (9-10)                   310.4           369.5               632.2           1,113.6               1,276.6
12 Extraordinary Items (net of tax expense)                           -                   -                       -                       -                           -  
13 Net Profit (+)/ Loss (-) for the period (11-12)                   310.4           369.5               632.2           1,113.6               1,276.6
14 Paid-up Equity Share Capital (face value Rs. 10/-)                   527.3           527.3               527.3               527.3                  527.3
15 Reserves excluding revaluation reserves as per balance sheet of previous accounting year.                   5,924.2
16 Earning per Share (EPS)     
 aBasic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year (not to be annualized)5.97.012.021.124.2
 bBasic and diluted EPS after Extraordinary Items for the period, for the year to date and for the previous year (not to be annualised)5.97.012.021.124.2
17 Public shareholding     
   - Number of shares2447797024477970244779702447797024477970
   - Percentage of shareholding46.4%46.4%46.4%46.4%46.4%
18 Promoters and Promoter Group Shareholding      
 aPledged / Encumbered                          -                   -                       -                       -                           -  
 bNon - encumbered     
   - Number of shares2825456828254568282545682825456828254568
   - Percentage of shareholding (as a % of total Shareholding of the Promotors and Promotors Group)100.0%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%53.6%
        
        
Notes:       
1Prior year's figures have been regrouped wherever necessary to conform to current year's classification .  
2The Company is of the view, that it manufactures bearings and other related components which is a single business segment in accordance with AS-17. 
3During the quarter ended June 2009 , the Company had announced a Voluntary Retirement Scheme at its Pune Plant for its workmen . An amount of Rs. 167.6 million incurred as VRS compensation under this scheme has been disclosed as an exceptional item during the nine month period ended 30th September 2009
 
 
 
4The guidance on implementing AS15, Employee Benefits ( Revised 2005) issued by the Accounting Standards Board ( ASB) states that provident funds set up by employers, which require interest shortfall to be met by the employer, needs to be treated as defined benefit plan. Pending the issuance of the guidance note from the Actuarial Society of India, the Company's actuary has expressed his inability to reliably measure the provident fund liability. According, the Company is unable to exhibit the related disclosures
5    Number of Investor Complaints- (a) pending at the beginning of Quarter - Nil (b) received during the quarter -  One (c ) attended during the quarter - One (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  October 23, 2009.     
        
       For SKF India Limited
October 23, 2009    Rakesh Makhija
Mumbai     Managing Director
 

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