SKF India Net Sales For 2009 at Rs. 15709 Million
Net Profit 943 Million
The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings, seals and related products and services, today approved the Audited Financial Results for the fourth quarter and twelve months ended December 31, 2009.
The financial highlights are as given below:
Net Sales for the fourth quarter ended December 2009 amounted to Rs.4,642 million registering a growth of 12% as compared to the immediately preceding quarter ending on September 2009 of the current year, and higher by 27% over the corresponding quarter of the previous year .
The Profit before tax for the fourth quarter ended December 2009 amounted to Rs.466 Million, higher by about 95% compared to the corresponding quarter of the previous year.
The Profit after tax for the fourth quarter ended December 2009 amounted to Rs.311 Million as compared to Rs 163 million in the corresponding quarter of the previous year.
Net Sales for the year 2009 is Rs. 15709 Million showing a decrease of 3% compared to the previous year.
The Profit after Tax for the year 2009 amounted to Rs. 943 Million as compared to Rs 1277 million in the corresponding period of last year.
Earnings per share at the end of the year is Rs.17.9 as compared to Rs.24.2 in 2008
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director stated,
"The year 2009 started on an extremely challenging note following the global financial meltdown of 2008. The sharp drop in demand across the economy forced most industries to realign their production levels to match with the reduced demand levels. However, driven by strong domestic demand and stimulus measures introduced by Government, the decline was arrested in the second quarter followed by continued recovery from the third quarter of the year."
The Automotive sector led the recovery, while select industrial segments started their recovery from the third quarter. The year ended on a considerably higher note and we are cautiously optimistic that this trend will continue into 2010.
The company's focus on the 3Cs - Customer, Cost and Cash has helped us to become lean and agile and better geared to face the challenges as the economy gets into the growth mode. Reinforcing its commitment to high levels of quality and good practices, the company is constantly pursuing Six Sigma and TPM at all its operations, reflecting the company's continuous commitment towards quality and high standards.
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