SKF India registers 34% increase in Net Sales in Q2 2010
2010 July 20, 13:30 CET
Total Sales cross Rs 1000 Crores in H1 2010
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, 2010.
The financial highlights are as given below:
- Net Sales for the second quarter ended June 2010 amounted to Rs.5049 million registering a growth of 34% over the corresponding quarter of the previous year.
- The Profit after tax for the quarter ended June 2010 amounted to Rs.484 Million showing a growth of 174% over the corresponding quarter of the previous year.
- Net Sales for the first half ended June 2010 amounted to Rs.10,054 million registering a growth of 45% over the corresponding period of the previous year.
- The Profit after tax for the half year ended June 2010 amounted to Rs.920 Million registering a growth of 186% over the corresponding period of the previous year.
- Earnings per share for the first six months (not annualized) are Rs. 17.5 as compared to Rs. 6.1 for the corresponding period of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director said
"The performance witnessed in the quarter has been in line with growth seen in the Indian economy and across both automotive and industrial sectors. We expect our future growth in line with market opportunities and expect to further strengthen our leadership position"
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 41172. 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 Pune, Bangalore, and Haridwar.
For further information, please contact:
Charlotte Rodrigues | Manager - Corporate Communication | SKF India LtdTel: +91 22 66337730 | e-mail: firstname.lastname@example.org
Remi Chatterjee|Associate - Corporate Communication | SKF India LtdTel: +91 22 66337777| e-mail: email@example.com
|UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2010|
|(Rs. in Millions)|
|Particulars||Quarter ended||Quarter ended||6 Months Ended||6 Months Ended||Year ended|
|June 30, 2010||June 2009||June. 2010||June. 2009||December 31, 2009|
|1||a||Net Sales / Income from Operations||5,048.6||3,781.0||10,054.1||6,939.4||15,709.3|
|b||Other Operating Income||38.5||18.1||75.8||34.7||131.2|
|Total Income ( a+b)||5,087.1||3,799.1||10,129.9||6,974.1||15,840.5|
|a||(Increase)/decrease in stock in trade and work in progress||(120.2)||53.0||3.2||184.9||75.5|
|b||Consumption of raw materials & Components||1,252.6||956.3||2,578.0||1,786.2||4,160.7|
|c||Purchase of traded goods||2,109.8||1,424.0||3,997.3||2,581.7||6,197.9|
|3||Profit from Operations before Other Income, Interest and Exceptional Items (1-2)||681.2||420.4||1,302.1||601.9||1,467.0|
|5||Profit before Interest and Exceptional Items (3+4)||681.2||420.4||1,302.1||601.9||1,467.0|
|7||Profit after Interest but before Exceptional Items (5-6)||725.0||439.1||1,385.6||665.8||1,598.6|
|8||Exceptional Items (See Note 5 )||-||(167.6)||-||(167.6)||(167.6)|
|9||Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)||725.0||271.5||1,385.6||498.2||1,431.0|
|11||Net Profit (+)/ Loss (-) from Ordinary Activites after tax (9-10)||484.5||176.7||920.2||321.8||942.5|
|12||Extraordinary Items (net of tax expense)||-||-||-||-||-|
|13||Net Profit (+)/ Loss (-) for the period (11-12)||484.5||176.7||920.2||321.8||942.5|
|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.||6,620.0|
|16||Earning per Share (EPS)|
|a||Basic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year (not to be annualized)||9.2||3.4||17.5||6.1||17.9|
|b||Basic and diluted EPS after Extraordinary Items for the period, for the year to date and for the previous year (not to be annualised)||9.2||3.4||17.5||6.1||17.9|
|- Number of shares||24477970||24477970||24477970||24477970||24477970|
|- Percentage of shareholding||46.4%||46.4%||46.4%||46.4%||46.4%|
|18||Promoters and Promoter Group Shareholding|
|a||Pledged / Encumbered||-||-||-||-||-|
|b||Non - encumbered|
|- Number of shares||28254568||28254568||28254568||28254568||28254568|
|- 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%|
|SKF India Limited|
|July 20, 2010||Shishir Joshipura|
|SKF INDIA LIMITED|
|UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT JUNE 30, 2010|
|(Rs. in Millions)|
|Particulars||As at||As at|
|June 30, 2010||June 30, 2009|
|(b) Reserves and Surplus||7,541.0||6,245.3|
|DEFERRED TAX LIABILITY (NET)||26.3||24.1|
|DEFERRED TAX ASSET (NET)||-||-|
|CURRENT ASSETS, LOANS|
|(b) Sundry Debtors||2,725.2||2,026.3|
|(c) Cash and Bank balances||2,111.6||2,122.5|
|(d) Other current assets||-||-|
|(e) Loans and Advances||1,947.1||854.2|
|Less: Current Liabilities and|
|MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED)||-||-|
|PROFIT AND LOSS ACCOUNT||-||-|
|Prior year's figures have been regrouped wherever necessary to conform to current year's classification .|
|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- 'Segment Reporting' notified pursuant to Companies (Accounting Standards) Rules, 2006|
|Number of Investor Complaints- (a) pending at the beginning of Quarter - Nil (b) received during the quarter - 1 (c ) attended during the quarter - 1 (d) pending at the end quarter - Nil|
|In 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.|
|The above financial results were reviewed by the Audit Committee and approved by the Board at its meeting held on July 20, 2010.|