Schaeffler India Limited announces Q3 and nine month results for the period ended September 30, 2023

2023-07-27 | Pune

• Double-digit YoY revenue growth in domestic businesses
• Volume gains and operational efficiencies sustain quality of earnings
• Completed acquisition of KRSV Innovative Auto Solutions Private Limited during the quarter

Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the third quarter and nine months ended September 30, 2023

July – September 2023 (Third Quarter Standalone Results)

• Revenue from operations (net) for the quarter (Q3 CY2023) was INR 18,483 million, higher by 5.2% than the corresponding quarter of 2022 and 1.0% higher than preceding quarter (Q2 CY2023)
• PBT (before exceptional items) for the quarter (Q3 CY2023) was INR 3,157 million, 9.0% higher than the corresponding quarter of 2022. PBT margin for the quarter stood at 17.1%, compared to 16.5% during the corresponding quarter of 2022
• Net Profit for the quarter was INR 2,350 million and net profit margin stood at 12.7% compared to 12.3% during the corresponding quarter of 2022

January – September 2023 (Nine Months Standalone Results)

• Revenue from operations (net) for the nine months period was INR 53,711 million, higher by 5.9% than the corresponding period of 2022
• PBT (before exceptional items) for the nine months period was INR 9,279 million, higher by 8.8% than the corresponding period of 2022. PBT margin for the nine months stood at 17.3%, compared to 16.8% during the corresponding period of 2022
• Net profit for the nine months period was INR 6,917 million and net profit margin stood at 12.9% compared to 12.8% during the corresponding period of 2022

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “Continued focus across our domestic businesses, recovery in our key sectors and strategic initiatives to enhance our market position aided the performance. Our focus on operational efficiencies and stable input costs helped sustain the quality of earnings. We remain committed to focus on performance to mitigate external headwinds, and deliver long-term value to all our stakeholders .“

About Schaeffler India Limited

Established for more than 60 years, Schaeffler India is a leading motion technology company with 4 manufacturing sites in Pune, Vadodara, Maneja, and Savli, 3 R&D centres, and 8 sales offices. In 2022, the company reported sales of INR 68,674 million, supported by a team of 3,190 employees. The company is well represented in India with its three divisions – Industrial, Automotive and Automotive Aftermarket, offering comprehensive range of products and services under the brands of FAG, INA, LuK and TruPower. Schaeffler caters a to a large and diverse customer base with efficient engine & transmission solutions, chassis and E-mobility solutions on the automotive division and reliable range of bearings and accessories with award winning Industry 4.0 and Lifetime Solutions for the industry division. Both the divisions are backed by a strong network of aftermarket footprint bringing products and solutions closer to customers. The strategic roadmap is driven by a well-defined ESG (Environment, Social, Governance) program, the Schaeffler India is committed to contribute to the global sustainability targets. Committed to quality, innovation, sustainability with a passionate team Schaeffler India strives to pioneer motion to advance the industrial and automotive technology in India.