SKF India reports strong performance for the first quarter
2006 April 28, 10:01 CET
Mumbai, April 27, 2006: The Board of Directors of SKF India Limited, India’s leading bearing manufacturing and engineering services company, today approved the Unaudited Financial Results for the quarter ended March 31, 2006.
The financial highlights are given below in comparison to last year:
- Net sales for the quarter ended March 31, 2006 rose to Rs 2959.3 million (1699.0). This is a growth of 74% for first quarter. On a comparable basis, the growth for the quarter, excluding additional sales due to implementation of Direct Customer Delivery model (DCD) was 22%.
- The Profit before tax (PBT) for the quarter ended March 31, 2006 amounted to Rs.329.4 million (227.8).
- Net profit for the quarter ended March 31, 2006 was Rs.225.2 million (140.1).
- Earnings per share for the quarter ended March 31, 2006 was Rs.4.3 (2.7).
"The Direct Customer Delivery (DCD) model is in place and we are now servingour customers, both for our domestic and imported products, through a single window approach. The benefit of this model is that it enables our customers to source all their requirements through one agency, thereby considerably enhancing their relationship experience with SKF. Our growth in the first quarter has been strong and continues to outpace the growth in our industry. Our financial performance during the quarter has also been solid and the margins reflect the mix of the domestic and DCD business. Going forward, the market environment for this year looks positive.” said Rakesh Makhija, Managing Director, SKF India Ltd.