Profit for the quarter rises by 8% to INR 660 million
The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, recently approved the unaudited financial results for the first quarter ended March 31st, 2012.
The financial highlights are as given below:
Net Sales for the first quarter ended March 2012 amounted to INR 5803 million registering a decline of 8% over the corresponding quarter of the previous year.
The Profit after tax for the quarter ended March 2012 amounted to INR 660 million showing a growth of 8% over the corresponding quarter of the previous year Earnings per share for the first quarter of the current year (not annualized) is Rs. 12.5 as compared to Rs. 11.6 for the corresponding period of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director, SKF India said "Our first quarter sales has seen a marginal dip against a very demanding economic scenario. The investment climate remained subdued due to continual challenges of high interest, low liquidity and a general lack of optimism in the economy. The quarter saw continued moderation in demand in some sections of economy. However, we remain cautiously optimistic about the growth opportunities in the medium to long term even as near term outlook remains challenging. We will continue our focus on providing value added solutions to our customers to support our growth plans."
For further information, please contact:
Vijay Chaudhury
Manager - Corporate Communications,
SKF India
Tel: 020 66112642
e-mail: Vijay.Chaudhury@skf.com
SKF is a leading global supplier in the areas of bearings, seals, mechatronics, services and Lubrication systems. The Group's service offer includes technical support, maintenance services, engineering consultancy and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. Annual sales in 2011 were SEK 66,216 million and the number of employees was 46039. www.skf.com
In India, the SKF Group started its trading operations in Kolkata in 1923. Since then, the group's operations have been consolidated into SKF India Ltd. SKF India Ltd also has associate companies called SKF technologies (India) Pvt. Ltd. and Lincoln Helios (India) Ltd.providing Sealing solutions, Industrial bearings and Lubrication systems. The company has manufacturing plants in Bengaluru, Pune and Haridwar
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