Schaeffler India Limited announces Q4 and Full Year results for the period ended December 31, 2022

2023-02-16 | Pune

• Resilient performance on both top line and margins for the quarter
• Strong full year performance across businesses with improved mix and judicious capex
• Board recommends dividend at INR 24 per share, payout ratio of 43%

Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the fourth quarter and full year, ended December 31, 2022

October – December 2022 (Fourth Quarter)

• Total revenue from operations (net) for the quarter (Q4 CY2022) was INR 17,947 million, higher by 17.8% than the corresponding quarter of 2021 and 2.2% higher than preceding quarter (Q3 CY2022)
• PBT (before exceptional items) for the quarter (Q4 CY2022) was INR 3,096 million, 20.5% higher than the corresponding quarter of 2021 and 6.9% higher than the preceding quarter (Q3 CY2022). PBT margin for the quarter stood at 17.2%, compared to 16.9% during the corresponding quarter of 2021
• Net Profit for the quarter was INR 2,310 million and net profit margin stood at 12.9%

January – December 2022 (Twelve Month / Full Year)

• Total revenue from operations (net) for the year was INR 68,674 million, higher by 23.5% than the corresponding period of 2021
• PBT (before exceptional items) for the year was INR 11,621 million, higher by 37.8% than the corresponding period of 2021
• Net profit for the year was INR 8,792 million and net profit margin stood at 12.8%
• The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2022 at the rate of INR 24 per equity share of face value INR 2 each

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings, while navigating the headwinds in a highly volatile environment. Our annual results for the year were aided by trajectory of wins across our businesses and focus on opertaional efficieny, reflecting our commitment on customer centricity, innovation and agility. As we enter 2023, we stand by our commitment to enhance stakeholder value by working on both our financial and non financial metrics. We wish to thank all our stakeholders for reposing the confidence and continued support.“

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 68.7 billion in 2022 and around 3,190 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.