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SKF India Q4 net profit up 39% at INR 104.87 crore, Auto News, ET Auto

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During the quarter under review, net margins stood at 12.37%, marginally higher than 12.35% reported in the March 2020 quarter.
During the quarter under review, net margins stood at 12.37%, marginally higher than 12.35% reported in the March 2020 quarter.

New Delhi: Auto component maker SKF India, part of Swedish bearing company SKF Group, on Saturday reported 39.2% year-on-year increase in its standalone net profit to INR 104.87 crore for the quarter ended March compared t0 INR 75.34 crore in the same period a year ago.

The company’s standalone revenues for the quarter rose 51.1% to INR 852.2 crore as against INR 656.65 crore in the same period last year.

“As we look to expand our earnings potential, we will continue to focus on the execution of our growth strategy and deep engagement with our customers and suppliers. Our country is going through a ferocious second wave of COVID, the scale of which has not been seen before. We’re doing everything we can including vaccination drives and setting up COVID care centers, to ensure employee safety and well-being,” Manish Bhatnagar, managing director, SKF India, said.

During the quarter under review, net margins stood at 12.37%, marginally higher than 12.35% reported in the March 2020 quarter.

“We remain focused on supporting our customers, staying disciplined on our strategic priorities, improving operating efficiencies and optimising costs through digitalisation efforts, faster execution and most importantly, investment in our people’s capabilities to create long-term value for all our stakeholders,” Bhatnagar added.

SKF manufactures bearings and related products and the demand is largely industrial and institutional. The company has presence in more than 130 countries and has around 17,000 distributor locations worldwide.



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