SKF reports 2.9% YoY jump in net profit to Rs 158.93 crore in June quarter

Auto bearings major SKF reported a net profit of Rs 158.93 crore during the quarter ending June 2024, as against Rs 154.42 crore, a jump of 2.9% year-on-year (YoY). Meanwhile, the company reported a revenue of Rs 1246.28 core during June 2024 quarter, as compared to Rs 1172.14 crore in the year-ago period, translating to a jump of 6.3% year on year.

Mukund Vasudevan - Managing Director, SKF India Limited said, "We continue to execute 'faster' on all our strategic priorities, driving investments to grow the business, gain market share, and optimise margins. With the favourable environment and growing demand, we succeeded in delivering impressive revenue growth, achieving a 5% increase in revenue and a 3% increase in PBT year on year." 

Vasudevan added that as the company continues to work on its clean growth strategy, and will continue investing in operational efficiencies and investment for sustained growth, while transitioning towards net zero. 

"We remain committed to sustaining long-term momentum, maintaining a consistent strategy across the business, and creating value for all our shareholders," he noted. 

The Maharashtra headquartered Tier 1 company offers offers bearings, seals, lubrication management, condition monitoring, and services. Founded in 1907, SKF is represented in approximately 130 countries and has around 17,000 distributor locations worldwide, the press release noted.