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."

 

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 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: charlotte.rodrigues@skf.com

Remi Chatterjee|Associate - Corporate Communication | SKF India LtdTel: +91 22 66337777| Mobile:  +91 9892768110 | e-mail: remi.chatterjee@skf.com

  

 

 

SKF INDIA LIMITED

 

 

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2010

(Rs. in Millions)

 

 

 

 

 

 

 

 

 

Particulars

Quarter ended

Quarter ended

Year ended

 

 

 

 

March 31, 2010

March 31, 2009

December 31, 2009

 

 

 

 

(Unaudited)

(Unaudited)

(Audited)

 

1

a

Net Sales / Income from Operations

5,005.5

3,158.4

15,709.3

 

 

b

Other Operating Income

37.3

16.6

131.2

 

 

 

Total Income ( a+b)

5,042.8

3,175.0

15,840.5

 

2

 

Expenditure

123.4

131.9

75.5

 

 

a

(Increase)/decrease in stock in trade and work in progress

 

 

b

Consumption of raw materials & Components

1,325.4

829.9

4,160.7

 

c

Purchase of traded goods

1,887.5

1,157.7

6,197.9

 

d

Employees Cost

312.4

306.2

1,295.8

 

e

Depreciation

75.0

72.8

289.8

 

f

Other expenditure

698.2

495.0

2,353.8

 

 

Total

4,421.9

2,993.5

14,373.5

 

 

Profit from Operations before Other Income, Interest and

620.9

181.5

1,467.0

 

 

Exceptional Items (1-2)

 

 

 

 

 

Other Income

-

-

-

 

 

Profit before Interest and Exceptional Items (3+4)

620.9

181.5

1,467.0

 

 

Interest Net

(39.7)

(45.2)

(131.6)

 

 

Profit after Interest but before Exceptional Items (5-6)

660.6

226.7

1,598.6

 

 

Exceptional Items (See Note 4 )

-

-

(167.6)

 

 

Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)

660.6

226.7

1,431.0

 

 

Tax expense

224.9

81.6

488.5

 

 

Net Profit (+)/ Loss (-) from Ordinary Activites after tax (9-10)

435.7

145.1

942.5

 

 

Extraordinary Items (net of tax expense)

-

-

-

 

 

Net Profit (+)/ Loss (-) for the period (11-12)

435.7

145.1

942.5

 

 

Paid-up Equity Share Capital (face value Rs. 10/-)

527.3

527.3

527.3

 

 

Reserves excluding revaluation reserves as per balance sheet of

 

 

 

 

 

previous accounting year.

 

 

6,620.0

 

 

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)

8.3

2.8

17.9

 

 

Basic and diluted EPS after Extraordinary Items for the period, for the

 

b

 

 

 

 

 

year to date and for the previous year (not to be annualised)

8.3

2.8

17.9

 

 

Public shareholding

 

 

 

 

 

 

 

- Number of shares

24477970

24477970

24477970

 

 

- Percentage of shareholding

46.4%

46.4%

46.4%

 

 

Promoters and Promoter Group Shareholding

 

 

 

 

a

Pledged / Encumbered

-

-

-

 

b

Non - encumbered

 

 

 

 

 

- Number of shares

28254568

28254568

28254568

 

 

- Percentage of shareholding (as a % of total Shareholding of the

 

 

 

 

 

Promotors and Promotors Group)

100.0%

100.0%

100.0%

 

 

- Percentage of shareholding (as a % of total Share  Capital of the

 

 

 

 

 

company)

53.6%

53.6%

53.6%

 

Notes:

  • 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.

 

5

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

Shishir Joshipura

Mumbai

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