SKF India registers Sales of INR 7660 million in Q2 2018-19
2018 October 24, 09:00 IST
The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems and services, today approved the unaudited financial results for the second quarter and six months ended September 30, 2018.
The financial highlights are as given below:
- Net Sales for the second quarter ended September 30, 2018 amounted to INR 7660 million as compared to INR 6798 million for the second quarter of the previous year, registering a growth of 12.7%.
- Profit After Tax for the second quarter ended September 30, 2018 amounted to INR 843 million as compared to INR 740 million for the same quarter in the previous year, registering a growth of 14% .
Commenting on the occasion Mr Manish Bhatnagar, Managing Director, SKF India said “We have posted a steady financial performance in this quarter with a robust growth in both industrial and automotive markets. Despite macroeconomic headwinds due to rising oil prices, a weakening currency and tightening credit markets, we have delivered our results by working closely with customers to deliver customized products and solutions that reduce their total cost of ownership and improve their overall productivity”.
The Board also approved a buyback proposal, subject to the approval of the shareholders, for purchase by the Company of up to 1.9 million shares of Rs 10 each from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 2100 per equity share for an aggregate amount not exceeding INR 3990 million in accordance with the provisions of the Companies Act, 2013 and the SEBI (Buyback of Securities) Regulations, 2018.
For further information, please contact:
Mallika Apte, +91 20 6611 2250; email@example.com
SKF India is part of AB SKF , a leading global supplier of bearings, seals, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in 130 countries with 108 manufacturing units.
® SKF is a registered trademark of the SKF Group.