Schaeffler India reports net profit of Rs 113 crore for Q3 CY2020, up 20%

by Autocar Pro News Desk , 29 Oct 2020

Leading industrial and automotive supplier, Schaeffler India has announced its financial result for the third quarter ended September 30, 2020.

During Q3 CY 2020 (July –September) the company reported revenue of Rs 1,132 crore, up 8 percent YoY, and PAT of Rs 113 crore, up 20 percent compared to same period last year.

Commenting on the results and financial performance of the company, Harsha Kadam, MD, Schaeffler India said, “We continue to witness green shoots of recovery, across various sectors as the economy starts to crawl back to normalcy. However, we are still not out of the woods. During the quarter, both our automotive and industrial segments have shown resounding performance, responding to strong demand from certain segments, especially the tractor, passenger vehicle, industrial distribution and wind sectors."

"We continue with our efforts aimed towards responding to crisis with agility and ensuring business continuity with a cautiously optimistic outlook. We have managed to weather the storm and demonstrated that our fundamentals are strong,“ added Kadam.