SKF January-March PAT zooms 200 per cent; net sales vault 58 per cent
23 Apr 2010
SKF India Limited, India's leading automobile solutions provider and bearings manufacturer, today reported a 200 per cent rise in after-tax profit and a 58 per cent increase in quarterly net sales at over Rs500 crore.
Profit after tax for the quarter ended March 2010 amounted to Rs43.6 crore, showing a growth of 200 per cent over the corresponding quarter of the previous year.
Earnings per share at the end of the first quarter (not annualised) rose to Rs8.3 compared with Rs2.8 in the corresponding quarter of the previous year.
Profit before tax for the first quarter ended March 2010 amounted to Rs66.1 crore, a growth of 191 per cent over the corresponding quarter of the previous year.
Net sales for the first quarter ended March 2010 amounted to Rs500.5 crore, a growth of 58 per cent over the corresponding quarter of the previous year.
"Our first quarter performance has registered a strong growth across the automotive and industrial sectors. This growth is achieved on the back of the strong all round performance of the India economy. With the recent commissioning of the new facilities we expect to strengthen our leadership position and continue to grow in line with market growth," Shishir Joshipura, managing director of SKF India, said.