Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2017

Quarter I, 2017

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2017

 
  Rupees in Million
    1 2 3 4
Sr. No. Particulars THREE MONTHS ENDED YEAR ENDED

Mar. 31, 2017
Unaudited

Dec. 31, 2016
Not subjected to Review/Audit (Refer Note 5)

Mar. 31, 2016
Not subjected to Review/Audit
(Refer Note 5)

Dec. 31, 2016
Not subjected to Review/Audit
(Refer Note 5)
1 Income        
a) Revenue from Operations
(gross)
4,974.6 4,996.8 4,484.4 19,451.6
b) Other Income 155.8 192.2 156.5 682.6
  Total income 5,130.4 5,189.0 4,640.9 20,134.2
2 Expenses        
a) Cost of materials consumed 1,756.9 1,775.7 1,579.9 6,828.7
b) Purchase of Stock-in-trade 846.4 1151.5 1032.0 4,588.4
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade 103.1 (172.3) (181.2) (591.1)
d) Excise duty 362.2 369.3 355.6 1,488.4
e) Employees benefit expense 375.6 413.4 354.3 1,492.2
f) Finance costs 3.5 4.9 4.2 17.6
g) Depreciation and amortisation expense
175.6 175.0 152.0 641.0
h) Other expenses 646.5 721.6 625.7 2,675.6
  Total expenses 4,268.9 4,439.1 3,922.5 17,140.8
3 Profit before Exceptional Items and tax (1-2) 861.5 749.9 718.4 2,993.4
4 Exceptional Items - - - -
5 Profit before tax (3-4) 861.5 749.9 718.4 2,993.4
6 Tax expense - - - -
(i) Current tax 268.2 216.7 323.0 1,109.3
(ii) Deferred tax 18.5 (14.6) (19.2) (66.9)
7 Profit for the period (5-6) 574.8 547.8 414.6 1,951.0
8 Other Comprehensive Income        
A (i) ITems that will not be reclassified to profit or loss 18.8 (6.1) 3.9 (20.7)
(ii) Income tax relating to items taht will not be reclassified to profit or loss (6.5) 2.1 (1.4) 7.1
         
B (i) Items that will be reclassified to profit or loss 25.3 (63.0) 19.0 (71.1)
(ii) Income tax relating to items that willbe reclassified to profit or loss (8.7) 21.8 (6.6) 24.6
  Total Comprehensive Income for the period (comprising Profit and Other Comprehensive Income for the Period) (7+8) 603.7 502.6 429.5 1890.9
9 Paid-up equity share capital (face value of Rs.10 per share) 166.2 166.2 166.2 166.2
10 Earnings per equity share (of Rs.10 each) (not annualised)        
a) Basic 34.59 32.96 24.95 117.39
b) Diluted 34.59 32.96 24.95 117.39
 

Notes:

1) The above financial results for the quarter ended March 31, 2017 were reviewed by the Audit Committee at their meeting held on April 20, 2017 and approved by the Board of Directors at their meeting held on April 21, 2017.

2) The Statutory Auditors have performed a "Limited Review" of the above financial results for the quarter ended March 31, 2017.

3) This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. Beginning January 1, 2017, the Company has for the first time adopted Ind-AS with a transition date of January 1, 2016.

4) The business of the Company mainly comprises sale of “Ball / Roller Bearings and related components” which has been identified as a single reportable segment for the purpose of Indian Accounting Standard (Ind-AS) 108 on ‘Segment Reporting’.

5) The Ind-AS compliant figures for the corresponding quarters ended March 31, 2016, December 31, 2016 and year ended December 31, 2016 have not been subjected to limited review or audit. However, the Management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of the affairs of the Company.

6) The reconciliation of net profit reported in accordance with Previous Indian GAAP to total comprehensive income in accordance with Ind-AS is given below:

 
Profit Reconcillation Quarter ended Dec 31,2016 Quarter ended Mar 31, 2016 Year Ended Dec 31, 2016
Not subjected to Review/Audit (Refer Note 5) Not subjected to Review / Audit (Refer Note 5) Not subjected to Review / Audit (Refer Note 5)
Net Profit after tax for the period under Previous Indian GAAP 563.8 424.5 1,945.0
Adjustments:      
a) Measurement of financial assets at fair value (20.0) (7.4) (7.6)
b) Actuarial gain on defined benefit plans recognised in other Comprehensive Oncome 4.0 (2.5) 13.6
(A) Net Profit after tax for the period under Ind-AS 547.8 414.6 1,951.0
(B) Other Comprehensive Income (net of tax) 45.2 14.9 (60.1)
Total Comprehensive Income as per Ind-AS (A+B) 502.6 429.5 1890.9
 

7) Previous period figures have been re-grouped/ re-classified wherever necessary.

Per our report attached of even date
B S R & Co. LLP
Chartered Accountants
Firm Reg. No. 101248W/ W-100022

Vijay Mathur
Partner
Membership No. 046476

Mumbai
April 21, 2017

For and on behalf of the Board

Dharmesh Arora
Managing Director
DIN: 05350121

 

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