Schaeffler India Limited announces results for the first quarter ended March 31, 2023

2023-04-18 | Pune

• YoY growth aided by our automotive business, helped mitigate external headwinds
• Sustained focus on operational efficiencies enabled strong quality of earnings

Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the first quarter, ended March 31, 2023

January – March 2023 (1st Quarter)

• Revenue from operations (net) for the quarter (Q1’23) was INR 16,936 million, 8.0% higher than the corresponding quarter of 2022 and 5.6% lower than preceding quarter (Q4’22)
• PBT (before exceptional items) for the quarter (Q1’23) was INR 2,941 million, 6.0% higher than the corresponding quarter of 2022. PBT margin for the quarter stood at 17.4%, compared to 17.7% during the corresponding quarter of 2022 and 17.2% during the preceeding quarter
• Net Profit for the quarter was INR 2,194 million and net profit margin stood at 13.0%

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “The automotive technologies and automotive aftermarket business registered strong YoY growth. Our balanced business portfolio and focus on operational efficiencies helped us to mitigate the external headwinds resulting in resilient margins. As we move ahead in 2023, we remain committed to continue our growth trajectory while taking cognizance of the volatality and challenges in the market enviornment.“

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.