Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2015

Quarter I, 2015

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2015

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

Mar. 31, 2015
(Unaudited)

Dec. 31, 2014
(Audited)

Mar. 31, 2014
(Unaudited)

Dec. 31, 2014
(Audited)
1 Income from Operations        
a) Net sales / Income from Operations
(Net of excise duty)
4,052.6 4,255.5 3,976.7 16,176.1
b) Other Operating Income 37.8 39.5 30.3 145.4
  Total income from operations (Net) 4,090.4 4,295.0 4,007.0 16,321.5
2 Expenses        
a) Cost of materials consumed 1,455.6 1,380.1 1,449.3 6,020.8
b) Purchase of Stock-in-trade 818.1 856.0 991.7 3,973.5
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade 84.7 428.3 55.7 (21.1)
d) Employees benefit expense 339.7 349.0 374.8 1,379.4
e) Depreciation and amortisation expense
124.5 124.9 120.5 493.5
f) Other expenses 758.8 658.0 578.4 2,551.5
  Total expenses 3,581.4 3,796.3 3,570.4 14,397.6
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 128.2 114.1 90.9 409.5
4 Other Income 90.9 155.7 72.2 458.6
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 637.2 612.8 527.5 2,333.4
6 Finance cost 4.8 2.9 1.7 9.7
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 632.4 609.9 525.8 2,323.7
8 Exceptional Items - - - -
9 Profit from Ordinary Activities before tax (7-8) 632.4 609.9 525.8 2,323.7
10 Tax expense 218.4 210.7 179.0 794.9
11 Net Profit from Ordinary Activities after tax (9-10) 414.0 399.2 346.8 1,528.8
12 Extraordinary Items (Net of tax expense) - - - -
13 Net Profit for the period (11-12) 414.0 399.2 346.8 1,528.8
14 Paid-up equity share capital
(Face value of Rs.10/- per share)
166.2 166.2 166.2 166.2
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year - - - 10,888.9
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
       
a) Basic 24.91 24.02 20.87 92.00
b) Diluted 24.91 24.02 20.87 92.00
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
       
a) Basic 24.91 24.02 20.87 92.00
b) Diluted 24.91 24.02 20.87 92.00
 
PART II
SELECT INFORMATION FOR THE QUARTER AND THREE MONTHS ENDED MARCH 31, 2015
 
    1 2 3 4
Sr. No. Particulars THREE MONTHS ENDED YEAR ENDED

Mar. 31, 2015
(Unaudited)

Dec. 31, 2014
(Audited)

Mar. 31, 2014
(Unaudited)

Dec. 31, 2014
(Audited)
A PARTICULARS OF SHAREHOLDING        
1 Public Shareholding        
- Number of shares 8088087 8088087 8088087 8088087
- Percentage of shareholding 48.7 48.7 48.7 48.7
2 Promoters and promoter group Shareholding        
a) Pledged / Encumbered        
- Number of Shares - - - -
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - -
b) Non-encumbered        
- Number of Shares 8529183 8529183 8529183 8529183
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 51.3 51.3 51.3 51.3
  Particulars 3 MONTHS ENDED
Mar. 31, 2015
B INVESTOR COMPLAINTS  
  Pending at the beginning of the quarter -
  Received during the quarter -
  Disposed of during the quarter -
  Remaining unresolved at the end of the quarter -
 

Notes:

1) The business of the Company falls under a single primary segment i.e."Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.

2) The figures for the preceding 3 months ended December 31, 2014 are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of previous financial year. Also, the figures up to the end of third quarter were reviewed and not subjected to audit.

3) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on April 24, 2015.

4) The Company has adopted and applied the principles of hedge accounting set out in Accounting Standard (AS) 30, ‘Financial Instruments: Recognition and measurement’ issued by ICAI to forward contracts in respect of highly probable forecasted transactions or firm commitments which were previously accounted following the principles of prudence as per AS 1. Consequently, the Company has recorded Rs 281.9 million representing mark to mark loss in the Cash flow hedge reserve as at March 31, 2015 with net profit for the quarter being higher by Rs. 78.8 million.

5) The Statutory Auditors have performed a "Limited Review" of the above financial results for the three months ended March 31, 2015.

 

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

For FAG BEARINGS INDIA LIMITED

Rajendra Anandpara
Managing Director
DIN: 02461259

Place: Mumbai
Date: April 24, 2015