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

The company achieved a 5% increase in revenue and a 3% increase in PBT year-over-year.

By Shahkar Abidi calendar 14 Aug 2024 Views icon2106 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
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. 

 

Tags: SKF,SKF India
RELATED ARTICLES
JLR Enters FY26 Debt-Free and Electrified, Eyes Scalable Growth Under Reimagine Strategy: CEO Adrian Mardell

auther Angitha Suresh calendar24 May 2025

The company posts its strongest operational year yet in FY25, clearing ₹52,500 crore in Debt Under the Reimagine Strateg...

Tata Motors claims Rs 527 crore as PLI incentive

auther Angitha Suresh calendar24 May 2025

The automaker has estimated and accounted for PLI incentives of Rs 385 crore for the financial year 2025 while it recei...

FY25 a Year of Consolidation for PV Industry, Says N Chandrasekaran; Tata Motors Grows CNG and EV Share to 36%

auther Angitha Suresh calendar24 May 2025

Amid industry slowdown, Tata Motors deepens clean mobility push and scales infrastructure to future-proof its passenger ...