Leading industrial and automotive supplier, Schaeffler India on Tuesday reported a 6 percent year-on-year (YoY) increase in its net profit at Rs 219.4 crore for the first quarter ended March 31, 2023, on the back of robust aftermarket business.
The company posted a net profit of Rs 207 crore in the same period a year ago. It follows a January to December financial year. Meanwhile, Schaeffler India's revenue from operations for Q1 stood at Rs 1,693.6 crore, up 8 percent, as compared to Rs 1,567.5 crore in the same period year ago.
According to Harsha Kadam, Managing Director of Schaeffler India, the automotive technologies and automotive aftermarket businesses registered strong year-on-year growth.
"Our balanced business portfolio and focus on operational efficacy helped us to mitigate the external headwinds, resulting in resilient margins. As we move ahead in 2023, we remain committed to continuing our growth trajectory while taking cognisance of the volatility and challenges in the market environment," he added.
During the quarter under review, the company's net profit margin stood at 13 percent. With over six decades of presence in India, the company has four manufacturing units located in Maneja, Savli (Vadodara), Talegaon and Hosur. The manufacturing plants in Maneja and Savli (Vadodara), have an array of ball bearings, cylindrical roller bearings, spherical roller bearings, and wheel bearings that are sold under the brand name FAG.
The plant at Talegaon, near Pune, manufactures engine and powertrain components for front accessory drive systems, chain drive systems, valve trains, 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 LuK.