NRB Bearings recorded a consolidated net profit of Rs 17 crore during Q3 FY2022 as against Rs 23 crore registered during similar period last year. The company had reported Rs 24 crore in its net profit in Q2FY2022.
Likewise, total revenues during Q3FY2022 decreased to Rs 216 crore in comparison to Rs 249 crore on YoY basis. It was higher at Rs 255.5 crore during the preceding period of Q2FY2022, the company said in a stockmarket filing.
Meanwhile, the company has announced shutting down two of its smaller manufacturing units- one in Thane and another in Aurangabad- as it makes a gradual shift towards developing electric vehicles (EV) focused products.
The company's Board of Directors, in a meeting held on January 22 approved sales/transfer/disposal of land and buildings located near Majiwada in Thane district and MIDC industrial area in Aurangabad upon closure of these plants. " Preparing for a leaner and more cost effective manufacturing structure, consequent upon entry of e-vehicles and a gradual shift to manufacturing e-mobility agnostic products, it has been decided to close or transfer operations at the smaller plants of the company situated..." the company informed in a regulatory filing. In addition to concerned plants which have been instructed to be closed; the company also has its manufacturing plants at Jalna, Waluj (Aurangabad), Hyderabad and Uttarakhand.
The Board also approved a voluntary retirement scheme (VRS) for workmen at its Thane plant, all of whom have accepted the same, the company said.
NRB Bearings, which is counted amongst the country's largest producers of needle and cylindrical roller bearings commands a dominating 90 percent market share in its domain. Additionally, it also exports to the US, Europe, Thailand and Bangladesh amongst others which contributes around 22 percent of its total revenues.
With demand and launches for e-vehicles speeding up amidst the pandemic, NRB Bearings has been investing heavily in developing new products in the segment. The company is said to have recently been chosen as an exclusive supplier of needle bearings for Ola's e-two wheeler offerings.