Schaeffler India Limited announces Q2 and half year results for the period ended June 30, 2023

2023-07-26 | Pune

• Revenue momentum continues across all domestic businesses
• Volume gains and input cost stability helped sustain margins
• Investments for capacity expansion at Savli Plant, Vadodara

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, 2023

April – June 2023 (Second Quarter)

• Revenue from operations (net) for the quarter (Q2 CY2023) was INR 18,291 million, higher by 4.6% than the corresponding quarter of 2022 and 8.0% higher than preceding quarter (Q1 CY2023)
• PBT (before exceptional items) for the quarter (Q2 CY2023) was INR 3,180 million, 11.3% higher than the corresponding quarter of 2022. PBT margin for the quarter stood at 17.4%, compared to 16.3% during the corresponding quarter of 2022
• Net Profit for the quarter was INR 2,373 million and net profit margin stood at 13.0% compared to 12.9% during the corresponding quarter of 2022

January – June 2023 (Six Months)

• Revenue from operations (net) for the six months period was INR 35,228 million, higher by 6.2% than the corresponding period of 2022
• PBT (before exceptional items) for the six months period was INR 6,122 million, higher by 8.7% than the corresponding period of 2022. PBT margin for the six months stood at 17.4%, compared to 17.0% during the corresponding period of 2022
• Net profit for the six months period was INR 4,567 million and net profit margin stood at 13.0% compared to 13.1% during the corresponding period of 2022

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ We continued our growth momentum during the first half of 2023 despite certain macroeconomic challenges. A strong performance across our domestic businesses helped navigate the moderation in exports. Our trajectory of business wins and focussed efforts on increasing market coverage strongly aided our performance. Volume gains and stability in input costs enabled to sustain the earnings quality. We remain cautiously optimistic while we see some signs of uptick across key sectors. As we enter the second half of 2023, we remain committed to continue our growth story and generate long-term value for all our stakeholders; with sustainability at the core of how we conduct the business.“

About Schaeffler India Limited

Schaeffler has been present in India for over 60 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, 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.