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Home arrow News arrow Business News arrow SKF India registers 18% increase in Sales in Q2 2011 at Rs.5957 million
SKF India registers 18% increase in Sales in Q2 2011 at Rs.5957 million Print E-mail
Written by Vijay   
Wednesday, 20 July 2011
Mumbai: SKF India has registered Net Sales of Rs.5957 million for the second quarter ended June 2011, registering a growth of 18% over the corresponding quarter of the previous year. The Board of Directors of SKF India Limited today approved the unaudited financial results for the second quarter and half year ended June, 30, 2011.

For the half year ended June 2011 Net Sales amounted to Rs. 12238 million registering a growth of 22% over the corresponding period of the previous year.

"Our second quarter has shown a steady performance in a moderating Indian economy. Operating margin was impacted by high inflationary pressures, adverse currency movements and higher commodity prices. India's economy is facing some near term challenges even as the longer term outlook remains encouraging. The Company is taking steps to sustain the growth momentum given its presence in diverse sectors of the economy and leadership position in the sectors in which it operates," said Shishir Joshipura, Managing Director, SKF India.

The Profit after tax for the quarter ended June 2011 amounted to Rs 515 Million showing a growth of 6% over the corresponding quarter of the previous year and for the half year ended June 2011 amounted to Rs. 1124 Million showing a growth of 22% over the corresponding period of the previous year.

Earnings per share for the first half of the current year (not annualized) is Rs. 21.4 as compared to Rs. 17.5 for the corresponding period of the previous year.

In India, the SKF Group started trading operations in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF India also has an associate company called SKF Technologies (India) Pvt. Ltd providing Sealing Solutions and Industrial Bearings. The company has manufacturing plants in Pune, Bangalore, and Haridwar.

 
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