[ad_1]
Industrial and automotive component supplier Schaeffler India on Wednesday reported a 76% year-on-year growth in net profit at INR 225.75 crore in the April-June quarter of this year. In the same quarter of the previous year, the company’s net profit stood at INR 128.13 crore, as per the regulatory filing.
The company follows the January-December financial year in its accounting system.
Revenue from operations for second quarter of calender year 2022 was INR 1,748.8 crore, up 41.8% from INR 1,232.89 crore achieved in the June quarter of CY2021.
During the reporting quarter, the company said it executed the business transfer agreement with CATENSYS India for the sale of the chain drive business.
“The growth momentum is backed by our diversified portfolio and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure,” said Harsha Kadam, Managing Director, Schaeffler India.
“We are cognizant of the dynamic yet challenging market conditions,” he added.
The company’s revenue from operations jumped to INR 1063.65 crore in Q1 FY23 from INR 693.53 crore in the same period a year ago.
[ad_2]
Source link
