SKF India registers Rs 570 crore sales in Q1 2014

Approving the unaudited financial results for the first quarter ended March 31, 2014, SKF India’s board of directors has approved the company’s net sales of Rs 570 crore. The supplier of bearings, seals, mechatronics, lubrication systems and services has registered a growth of 8 percent over the corresponding quarter of the previous year, though lower by 4 percent as compared to the immediately preceding quarter (Q4, 2013).

According to a company release, the profit before tax (PAT) for Q1 2014 stood at Rs 75 crore million, up by 20 percent (excluding exceptional items) over the corresponding quarter of the previous year and 2 percent over the immediately preceding quarter.

“The quarter witnessed continued challenge of growth across the entire spectrum of industry amidst an unchanged economic environment. Continuing with our efforts of forging deeper ties with existing customers and reaching out to new customers offering enhanced delivered value with continued focus on improving our operations enabled us to deliver an improved performance and consolidate our leadership position,” said Shishir Joshipura, MD, SKF India.

SKF India also has an associate company called SKF Technologies (India), which provides sealing solutions and industrial bearings. The company has manufacturing plants in Pune, Bangalore, and Haridwar (Uttarakhand).