The company announced Q1 results for the period ended March 31, 2019
Schaeffler India Limited holds the first Annual General Meeting as a merged entity
2019-04-30 | Pune
Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) organized its first ever Annual General Meeting as one entity, post the merger of INA Bearings and LuK India into Schaeffler India Limited. Prior to the AGM, the Board of Directors approved the results for the first quarter ended March 31, 2019.
January – March 2019 (First quarter)
- Total revenue from operations (net) for the quarter was INR 11,723 million, higher by 8.2% than the corresponding quarter of 2018 and 1.2% lower than the preceding quarter.
- PBT (before exceptional items) for the quarter was INR 1,626 million, lower by 3.7% than the corresponding quarter of 2018 and 3.7% higher than the preceding quarter.
Commenting on the results and financial performance of Schaeffler India Limited, Mr. Dharmesh Arora, Managing Director, said, “Indian automotive industry continued to show weakness, returning negative year on year development for the quarter. Auto OEMs maintained cautious production levels to avoid inventory build-up. Our strong performance in industrial business helped in delivering largely flat quarterly result despite the softness in automotive. This development, once again confirms robustness of our combined business in India. We are optimistic that the automotive business will also return to stronger growth in the second half of this calendar year.”
Publisher: Schaeffler India