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Schaeffler India Limited announces Q2 and Half yearly results for the period ended June 30, 2020

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2020-07-24 | Pune

  • All plants and warehouses are operational and catering to the market demand as per order book
  • All operations being carried out following strict adherence to safety guidelines

Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the second quarter and half year, ended June 30, 2020.

April – June 2020 (Second quarter)

  • Total revenue from operations (net) for the quarter was INR 4,389 million, lower by 52.7% than the preceding quarter and 60.7% lower than the corresponding quarter of 2019.
  • PBT (before exceptional items) for the quarter was INR -567 million.

January – June 2020 (Half year)

  • Total revenue from operations (net) for the six months period was INR 13,674 million, lower by 40.3% than the corresponding period of 2019.
  • PBT (before exceptional items) for the period was INR 534 million.

Commenting on the results and financial performance of the Company, Mr. Harsha Kadam, Managing Director, said, “The economy and market has just survived a high magnitude pandemic effect. After a full month of lockdown in April, and a staggered resumption of operational activity in May and June, we could manage to curtail our effective production loss to 52 days during the quarter as against a prolonged nationwide lockdown . This impacted the operational performance significantly and thereby resulted into a loss situation during the quarter. While it is not possible to predict normalization of market and economy, our efforts are aimed towards responding to crisis with agility and ensuring business continuity without losing sight of the future. We have managed to weather the storm and demonstrated that our fundanmentals are strong. While slow demand still continues, we are looking at a better H2 2020 against the challenges ahead“.

Publisher: Schaeffler India
Country: India

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