Schaeffler India Q2 profit up 5% at Rs 237.3 crore

Industrial and automotive parts maker Schaeffler India reported a 5.1 percent year-on-year (YoY) increase in net profit at Rs 237.3 crore for the second quarter that ended June 30, 2023. 

The company posted a net profit of Rs 226 crore in the same quarter a year ago.
During the quarter under review, the total revenue stood at Rs 1,829.1 crore, up 4.6 percent against Rs 1,748.8 crore in the corresponding period of the preceding fiscal.

"We continued our growth momentum during the first half of 2023, despite certain macroeconomic challenges. A strong performance across our domestic businesses helped navigate the moderation in exports. Our trajectory of business wins and focused efforts on increasing market coverage strongly aided our performance," Harsha Kadam, Managing Director, Schaeffler India said. 

In the April-June quarter, the company's EBITDA increased 6.3 percent to Rs 341.9 crore over Rs 321.6 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 18.7 percent in the second quarter, as compared to 18.4 percent in the year-ago period.