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Schaeffler India announces Q3 and 9MCY21 results and significant corporate

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2021-10-28 | Pune

  • Strong revenue and operational performance on all fronts continue for the quarter
  • Announces a 5 for 1 stock split
  • Announces a target dividend payout ratio

Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced its board approved the third quarter (Q3) and nine monthly (9MCY21) results for the quarter ending on Septermber 30th, 2021. The board also approved a stock split and target dividend payout ratio along with.

Stock split announcement

The Board of Directors approved a subdivision of each equity share of face value of Rs 10 per share into five equity shares of face value of Rs 2 per share, subject to approval of the shareholders.

The 5 for 1 stock split will see existing shareholders issued with five new shares in lieu of every one share they currently own. The rationale behind the stock split is to encourage wider participation of investors and to improve the liquidity of the equity shares in the stock market

Dividend payout policy

The Board of Directors also approved the target dividend payout ratio of 30%-50% of the annual standalone profits after tax (PAT) to be announced by the company from time to time, subject to the applicable rules and regulations. The company has adopted a progressive dividend policy, intending to sustain or raise the dividend each year, in conjuction with the financial performance and free cashflow generation each year.

The company shall endeavor to consider a total dividend payout ratio as indicated above subject to the circumstances and scenarios mentioned in the dividend distribution policy.

July – September 2021 (Third Quarter)

  • Total revenue from operations (net) for the quarter (Q3) was INR 14,876 million, higher by 32.7% than the corresponding quarter of 2020 and 20.7% higher than the preceding quarter (Q2’21).
  • PBT (before exceptional items) for the quarter (Q3) was INR 2,296 million, 50.3%higher than the corresponding quarter of 2020 and 34.6% higher than the preceding quarter (Q2’21). PBT margin for the quarter stood at 15.4%, against 13.6% during the corresponding quarter of 2020.
  • Net Profit for the quarter stood at INR 1,708 million while margin for the quarter stood at 11.5%.

January – September 2021 (Nine Months)

  • Total revenue from operations (net) for the nine months period was INR 40,373 million, higher by 62.3% than the corresponding period of 2020.
  • PBT (before exceptional items) for the period was INR 5,863 million, higher by 184.4%than the corresponding period of 2020.
  • Net profit for the period stood at INR 4,385 million, the net profit margin for the period stood at 10.9%.

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “This is the our fourth consecutive quarter showing a strong performance. The performance demonstrated during the first half of the year further improved in the third quarter, despite significant input cost pressures. Our business divisions – automotive technologies, automotive aftermarket and industrial have delivered resounding performance and further consolidated our position of being the preferred technology partner. However, we do see some headwinds due to the global chip shortage and the resultant supply chain disruptions, which we are monitoring closely. Our continued focus on countermeasures and deeper customer engagements have yielded impressive results.“

Commenting on the corporate actions, he added, “The stock split would encourage wider participation of investors and improve the liquidity of the equity shares in the stock market. We believe that the announcement of target dividend payout ratio in the policy is a testimony towards long term value creation.“

Publisher: Schaeffler India
Country: India

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