SKF India registers 25% increase in Sales and 40% increase in Profit After Tax in Q1 2011

2011 May 04, 06:25 CET

SKF India registers 25% increase in Sales and 40% increase in Profit After Tax in Q1 2011

  • Highest ever quarterly Sales in excess of Rs 6000 million

Mumbai, May 3, 2011: The Board of Directors of SKF India Limited, India's eadings technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the first quarter ended March, 31, 2011.

The financial highlights are as given below:

§ Net Sales for the first quarter ended March 2011 amounted to Rs.6281 million registering a growth of 25% over the corresponding quarter of the previous year.

§ The Profit before tax for the first quarter ended March 2011 amounted to Rs.910 Million registering a growth of 38% over the corresponding quarter of the previous year.

§ The Profit after tax for the quarter ended March 2011 amounted to Rs.610

Million showing a growth of 40% over the corresponding quarter of the previous year.

§ Earnings per share at the end of first quarter (not annualized) is Rs. 11.6 as compared to Rs. 8.3 for the corresponding quarter of the previous year.

The Board today also approved the sale of assets used in the business of textile machinery components. The turnover of the said business during 2010 was 214 million.

Commenting on the occasion, Mr. Shishir Joshipura, Managing Director, SKF India said "Our first quarter performance has registered a strong growth across the automotive and industrial sectors. Capacity enhancement undertaken last year coupled with ongoing capacity expansion within the existing facilities and manufacturing excellence programs have helped us achieve volume growth and better operational efficiencies.

We expect to grow in line with market growth and continue to build upon our leadership position

About SKF

SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. Annual sales in 2009 were SEK 56,227million and the number of employees was 41,172. www.skf.com

In India, the SKF Group started trading operations in Kolkata in 1923 and since then the Group's operations havebeen 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 Pune, Bangalore, and Haridwar.

 

Mumbai , 3rd May 2011

For Further Information , please contact:

Remi Chatterjee                                                                     Ketan Pote

SKF India                                                                               The PRactice

Tel:  +91 22 66337716                                                       Tel: +917498554055

E-mail: remi.chatterjee@skf.com                       E-mail: ketan@the-practic.net

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UNAUDITEDFINANCIAL RESULTS FOR THE QUARTER ENDEDMARCH31, 2011

 

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