SKF India, a supplier of bearings to automotive and other sectors, reported a net profit of Rs 899.7 crore during Q2 FY24, translating into a 43% slide against Rs 1558.3 crore registered in Q2 FY23. The operating revenues, on the other hand, improved moderately by 4% to Rs 1,125.2 crore during Q2 FY24 as compared to Rs 1,078.3 crore during a similar period the previous year.
The company attributed the moderation in net profit to an increase in import costs, which adversely impacted its margins.
Manish Bhatnagar, Managing Director, SKF India, speaking on this, said, “As the external environment remained mixed this quarter, we have delivered moderate revenue growth, achieving a 4% increase in revenue with a 41% decrease in PBT year-over-year. The increase in import costs adversely impacted our margins this quarter. However, a normalised supply chain continues to help improve our overall operational efficiency. Looking ahead, we will continue to maintain our focus on operational improvements and productivity enhancements to sustain this dynamic period.”
“We are confident of systematically advancing our intelligent and clean growth strategy to sustain the long-term growth momentum. Our strong business fundamentals, coupled with the right talent and alignment with customers’ evolving needs, position us firmly to deliver improved margins and create value for all our shareholders,” he further added.