Tier 1 supplier of bearings under the LuK, INA and FAG brands observed operational efficiency as well as new business additions despite headwinds in the market dynamics.
Tier 1 components major Schaeffler India has registered an 18 percent year-on-year (YoY) growth in its Q4 CY2022 revenues which stood at Rs 1,795 crore for the October-December 2022 period. The company’s total revenue for the entire 12-month period of the last calendar stood at Rs 6,867 crore, up 23.5 percent (CY2021: Rs 5,560 crore).
The company’s profit before tax (PBT) for the last quarter closed at Rs 309.6 crore, registering a 20.5 percent growth on a YoY basis (Q4 CY2021: Rs 257 crore). Its PBT for the entire year stood at Rs 1,162 crore, up by 37.8 percent (CY2021: Rs 843 crore).
While its net profit for Q4 CY2022 stood at Rs 231 crore along with a net margin of 12.9 percent, its full-year net profit stood at Rs 879 crore, while keeping the net margin same at 12.8 percent.
According to Harsha Kadam, Managing Director, said, “Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings, while navigating the headwinds in a highly volatile environment. Our annual results for the year were aided by the trajectory of wins across our businesses and focus on operational efficiency, reflecting our commitment on customer centricity, innovation, and agility.
“As we enter CY2023, we stand by our commitment to enhance stakeholder value by working on both our financial and non-financial metrics. We wish to thank all our stakeholders for reposing the confidence and continued support.” The company’s Board of Directors has recommended a dividend of Rs 24 per share at a face value of Rs 2 each, for the year ended December 2022.
Schaeffler has a significant presence in India with three established product brands – LuK, INA and FAG which are manufactured across its four plants in the country. While the manufacturing plants in Maneja and Savli (Vadodara) produce 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. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.
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