SKF India Profit Drops 42.5% in Q2: Revenue Grows 4%
Nov 08, 2023 20:45
SKF India's profit after tax declined by 42.5% to Rs 90.22 crore in the September quarter, while revenue rose 4% to Rs 1,125.2 crore. Read more.
Mumbai, Nov 8 (PTI) Auto parts maker SKF India on Wednesday reported a 42.5 per cent year-on-year decline in standalone Profit After Tax (PAT) at Rs 90.22 crore in the September quarter.
The company had posted a standalone PAT of Rs 155.95 crore in the second quarter of the previous fiscal.
The revenue from operations of the company for the latest quarter grew 4 per cent to Rs 1,125.2 crore. In the year-ago period, it stood at Rs 1,078.3 crore, the company said in a statement.
"As the external environment remained mixed this quarter, we have delivered moderate revenue growth, achieving a 4 per cent increase in revenue with a 41 per cent decrease in PBT (Profit Before Tax), year-over-year," Manish Bhatnagar, Managing Director at SKF India, said.
The increase in import costs adversely impacted the margins in this quarter, he said but the normalised supply chain continues to help improve SKF India's overall operational efficiency.
"Looking ahead, we will continue to maintain our focus on operational improvements and productivity enhancements to sustain through this dynamic period," Bhatnagar added.
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