Schaeffler India, a prominent supplier of bearings and related components to the automotive industry, reported a marginal increase in net profit for the first quarter of calendar year (CY) 2024. Net profit reached Rs 219.7 crore during Q1CY24, compared to Rs 219.4 crore in Q1CY23.
The company's operating revenue displayed a stronger performance, rising to Rs 1,873.1 crore from Rs 1,693.6 crore in the corresponding period last year. This represents a year-on-year (YoY) growth of approximately 10.6%.
Harsha Kadam, Managing Director, said, “The year 2024 started well for us as we registered a strong YoY growth in our domestic business. Margins for the quarter remained resilient despite seasonality in some of our sectors. With a good rebound in our intercompany exports for the quarter, we remain cautiously optimistic of the challenging and volatile macroeconomic environment. With focused efforts on financial and operating metrics, we remain committed to delivering long-term value for all our stakeholders."