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Home arrow News arrow Business News arrow SKF India records Highest ever quarterly sales - Rs. 6281 million in Q1 2011
SKF India records Highest ever quarterly sales - Rs. 6281 million in Q1 2011 Print E-mail
Written by Vijay   
Wednesday, 04 May 2011
Mumbai: SKF India's 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 unaudited financial results was approved by the board of directors.

"Our first quarter performance has registered a strong growth across the automotive and industrial sectors. We expect to grow in line with market growth and continue to build upon our leadership position," said Shishir Joshipura, Managing Director, SKF India.

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 the first quarter (not annualized) is Rs. 11.6 as compared to Rs. 8.3 for the corresponding quarter of the previous year.

"Capacity enhancement undertaken last year coupled with ongoing capacity expansion within the existing facilities and manufacturing excellence programmes have helped us achieve volume growth and better operational efficiencies," he said.

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.

SKF has manufacturing plants in Pune, Bangalre and Haridwar. It also has an associate company called SKF Technologies Pvt. Ltd which provides sealing solutions and industrial bearings.

 
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