Highest ever quarterly Sales in excess of Rs 6000 million
Mumbai, May 3, 2011: The Board of Directors of SKF India Limited, India's eadings technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the first quarter ended March, 31, 2011.
The financial highlights are as given below:
§ Net Sales for the first quarter ended March 2011 amounted to Rs.6281 million registering a growth of 25% over the corresponding quarter of the previous year.
§ The Profit before tax for the first quarter ended March 2011 amounted to Rs.910 Million registering a growth of 38% over the corresponding quarter of the previous year.
§ The Profit after tax for the quarter ended March 2011 amounted to Rs.610
Million showing a growth of 40% over the corresponding quarter of the previous year.
§ Earnings per share at the end of first quarter (not annualized) is Rs. 11.6 as compared to Rs. 8.3 for the corresponding quarter of the previous year.
The Board today also approved the sale of assets used in the business of textile machinery components. The turnover of the said business during 2010 was 214 million.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director, SKF India said "Our first quarter performance has registered a strong growth across the automotive and industrial sectors. Capacity enhancement undertaken last year coupled with ongoing capacity expansion within the existing facilities and manufacturing excellence programs have helped us achieve volume growth and better operational efficiencies.
We expect to grow in line with market growth and continue to build upon our leadership position
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