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Home arrow News arrow Business News arrow SKF India Limited Net Sales up 12.3% over last year at Rs. 3781 Million
SKF India Limited Net Sales up 12.3% over last year at Rs. 3781 Million Print E-mail
Written by Vijay   
Tuesday, 21 July 2009
Mumbai: SKF India Limited has registered 12.3% growth in net Sales for the second quarter ended June 2009 over the corresponding quarter last year. The net Sales amounting to Rs.3,781 million is 19.7% higher compared to the immediately preceding quarter ending on March 2009.

"The economic downturn that started in the fourth quarter of 2008 has seen a good revival during this quarter and we hope that this trend continues in the remaining fiscal period. The automotive sector particularly two-wheeler and cars segment has shown strong signs of recovery. Some of the industrial segments also showed good signs of revival," said Rakesh Makhija, Managing Director, SKF India Limited.

The Profit before tax for the second quarter ended June 2009 excluding exceptional items amounted to Rs.439.1 Million, registering a growth of 93.6% over the immediately preceding quarter of the current financial year, though lower by about 22% compared to the corresponding quarter of the previous year. Operating margin for the quarter (before exceptional items) was 11.1 %, up from 5.8% in the immediately preceding quarter of the current year. The Profit after tax and exceptional items for the second quarter ended June 2009 amounted to Rs.176.7 Million.

"During the current quarter we have incurred a one time restructuring cost of Rs. 168 million arising from a downsizing of our workforce at the Pune plant. Our operating margin has improved from 5.8 percent in the immediately preceding quarter to 11.1 percent this quarter (before exceptional items). Going forward we are optimistic that the thrust on higher spending on infrastructure and in rural areas provided in the recent Union budget will revive consumer and investment demand," he added.

"In today’s challenging environment we are focusing on efficiency and finding innovative ways to remain lean in order to keep our cost down. Our focus has been and will continue to remain on the 3C’s - Customers, Cash & Cost," said Rakesh Makhija.

 
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