Schaeffler’s net profits up 49 percent in Q1 CY22
The net profit for the quarter was Rs 207 crore, the company informed in a regulatory filing.
Schaeffler India has reported a profit before tax (PBT) of Rs 277 crore for the Q1CY22, which is 49 percent higher than the corresponding quarter of 2021 and almost 8 percent higher than the preceding quarter of Q4CY21. The net profit for the quarter was Rs 207 crore, the company informed in a regulatory filing. It was 48.43 percent as against Rs 139.54 crore on YoY basis.
In terms of total revenues, the company reported Rs 1568 crore during Q1CY22- which translates to 19 percent higher than the similar period last year and 2.9 percent higher than the preceding quarter.
Harsha Kadam, Managing Director, said, “Year 2022 started well for us, despite the headwinds from rising inflation and emerging geopolitical situation. Our balanced business portfolio with traction in our exports segment helped us continue the momentum. We delivered resilient margins despite the ongoing market challenges on the back of our sustained countermeasures and improved business mix".
Schaeffler has a significant presence in India has manufacturing plants in Maneja and Savli (Vadodara), producing a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK.
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