SKF India registers 58% increase in Net Sales in Q1 2010
2010 April 23, 10:19 CET
Total Sales Cross Rs 500 Crores in the quarter
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 first quarter ended March, 31, 2010.
The financial highlights are as given below:
- Net Sales for the first quarter ended March 2010 amounted to Rs.5005 million registering a growth of 58% over the corresponding quarter of the previous year.
- The Profit before tax for the first quarter ended March 2010 amounted to Rs.661 Million registering a growth of 191% over the corresponding quarter of the previous year.
- The Profit after tax for the quarter ended March 2010 amounted to Rs.436 Million showing a growth of 200% over the corresponding quarter of the previous year.
- Earnings per share at the end of first quarter (not annualized) is Rs. 8.3 as compared to Rs. 2.8 for the corresponding quarter of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director said
"Our first quarter performance has registered a strong growth across the automotive and industrial sectors. This growth is achieved on the back of the strong all round performance of the India economy. With the recent commissioning of the new facilities we expect to strengthen our leadership position and continue to grow in line with market growth.
SKF won the Dun and Bradstreet Rolta Award for the 'Best Company' in the Bearing sector 2009' for the 3rd consecutive year which further reflects the confidence our stakeholders have in us."
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 Pune, Bangalore, and Haridwar.
For further information, please contact:
Charlotte Rodrigues | Manager - Corporate Communication | SKF India LtdTel: +91 22 66337730 | Mobile: +91 9987265110 | e-mail: firstname.lastname@example.org
Remi Chatterjee|Associate - Corporate Communication | SKF India LtdTel: +91 22 66337777| Mobile: +91 9892768110 | e-mail: email@example.com
SKF INDIA LIMITED
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2010
(Rs. in Millions)
March 31, 2010
March 31, 2009
December 31, 2009
Net Sales / Income from Operations
Other Operating Income
Total Income ( a+b)
(Increase)/decrease in stock in trade and work in progress
Consumption of raw materials & Components
Purchase of traded goods
Profit from Operations before Other Income, Interest and
Exceptional Items (1-2)
Profit before Interest and Exceptional Items (3+4)
Profit after Interest but before Exceptional Items (5-6)
Exceptional Items (See Note 4 )
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)
Net Profit (+)/ Loss (-) from Ordinary Activites after tax (9-10)
Extraordinary Items (net of tax expense)
Net Profit (+)/ Loss (-) for the period (11-12)
Paid-up Equity Share Capital (face value Rs. 10/-)
Reserves excluding revaluation reserves as per balance sheet of
previous accounting year.
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)
Basic and diluted EPS after Extraordinary Items for the period, for the
year to date and for the previous year (not to be annualised)
- Number of shares
- Percentage of shareholding
Promoters and Promoter Group Shareholding
Pledged / Encumbered
Non - encumbered
- Number of shares
- Percentage of shareholding (as a % of total Shareholding of the
Promotors and Promotors Group)
- Percentage of shareholding (as a % of total Share Capital of the
- 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- 'Segment Reporting' notified pursuant to Companies (Accounting Standards) Rules, 2006
- 3 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
- 4 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
April 23, 2010.
SKF India Limited
April 23, 2010