SKF India net profit for Q3 up by 92%

2007 October 23, 22:00 CET

SKF India net profit for Q3 up by 92%

9 months profit at Rs. 1205 Million

 

Mumbai, 18th October, 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 third quarter and nine months ended September, 30, 2007.

 

The financial highlights in comparison to corresponding period are as given below:

 

  • Net Sales for the quarter ended September 2007 rose to Rs. 3869.8 Million (14%).

Net sales for the nine months ended September 30th, 2007 amounted to Rs. 11482.5 million, an increase of 19% over the corresponding period of last year.

 

  • The Profit before Tax (PBT) for the quarter ended September 30th, 2007 amounted to Rs. 658.7 Million (compared to Rs.340.3 million last year).

 

  • Profit before Tax (PBT) for the nine months ended September 2007 amounted to Rs. 1856.4 million. This is a growth of 76% over the same period last year.

 

  • Net profit for the quarter ended September 30th, 2007 was Rs. 431.0 million, an increase of 92% over the same period last year.

 

  • Net Profit for the nine months ended September 30th, 2007 rose to Rs. 1205.1 million. This is a growth of 72% over the same period last year.

 

  • Earnings per share for the quarter ended September 30th, 2007 was Rs. 8.2 (4.2).

 

 

Commenting on the occasion, Mr. Rakesh Makhija, Managing Director, SKF India, said, "Our business continues to grow sharply, driven by a strong focus on our major customers and segments. Exports continue to ramp up significantly, while we drive our costs down in all areas of our operations."

 

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 portfolio 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.

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