Schaeffler India Limited announces Q2 and half year results for the period ended June 30, 2022

2022-07-27 | Pune

• Record revenues with strong development across all businesses
• Executed the Business Transfer Agreement with CATENSYS India Private Limited for the sale of the chain drive business of the Company

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 six months ended June 30, 2022

April – June 2022 (Second Quarter)

• Total revenue from operations (net) for the quarter (Q2 CY2022) was INR 17,488 million, higher by 41.8% than the corresponding quarter of 2021 and 11.6% higher than preceding quarter (Q1 CY2022)
• PBT (before exceptional items) for the quarter (Q2 CY2022) was INR 2,857 million, 67.4% higher than the corresponding quarter of 2021. PBT margin for the quarter stood at 16.3%, compared to 13.8% during the corresponding quarter of 2021
• Net Profit for the quarter was INR 2,258 million and net profit margin stood at 12.9% compared to 10.4% during the corresponding quarter of 2021

January – June 2022 (Six Months)

• Total revenue from operations (net) for the six months was INR 33,163 million, higher by 30.1% than the corresponding period of 2021
• PBT (before exceptional items) for the year was INR 5,629 million, higher by 57.8% than the corresponding period of 2021. PBT margin for the six months stood at 17.0%, compared to 14.0% during the corresponding period of 2021
• Net profit for the year was INR 4,329 million and net profit margin stood at 13.1% compared to 10.5% during the corresponding period of 2021

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ We have progressed well in the first half of the year backed by our strong quarterly performance and are on course despite the ongoing global macroeconomic headwinds. The growth momentum is backed by our diversified portfolio and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure. This coupled with our capital management and execution capability has helped in realization of financial and operational metrics. We are cognizant of the dynamic yet challenging market conditions and striving to deliver continued performance, while remaining committed to climate protection, society and corporate governance."

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 55.6 billion in 2021 and around 2,922 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.