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.

Autocar Pro News Desk By Autocar Pro News Desk calendar 28 Apr 2022 Views icon6270 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

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.

RELATED ARTICLES
Audi India opens its 20th pre-owned car facility in Indore

auther Autocar Pro News Desk calendar08 Dec 2022

Luxury carmaker continues retail expansion with the 20th Audi Approved: plus  outlet, with two more to be opened before ...

Greaves Electric Mobility to reveal five new EVs at Auto Expo 2023

auther Autocar Pro News Desk calendar08 Dec 2022

The EVs include an all-new electric scooter with a new brand identity and premium design, and an aerodynamic three-wheel...

BorgWarner opens new tech centre in Bengaluru

auther Autocar Pro News Desk calendar08 Dec 2022

New facility to focus on systems software development, fuel handling design and mechanical simulation for IC engines and...