Schaeffler India Limited announces results for the first quarter ended March 31, 2024

2024-04-26 | Pune

• Strong double-digit YoY growth in domestic business, broad based across businesses
• Margins remain resilient, quality of earnings sustained

Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), the Motion Technology Company, today announced that the Board of Directors approved the results for the first quarter, ended March 31, 2024

January – March 2024 (1st Quarter)

• Revenue from operations (net) for the quarter (Q1’24) was INR 18,492 million, 9.2% higher than the corresponding quarter of 2023 and -0.3% lower than preceding quarter (Q4’23)
• PBT (before exceptional items) for the quarter (Q1’24) was INR 3,056 million, 3.9% higher than the corresponding quarter of 2023. PBT margin for the quarter stood at 16.5%, compared to 17.4% during the corresponding quarter of 2023 and 16.2% during the preceeding quarter
• Net Profit for the quarter was INR 2,277 million and net profit margin stood at 12.3%

Commenting on the results, Mr. Harsha Kadam, Managing Director, said,“Year 2024 started well for us as we registered a strong YoY growth in our domestic business. Margins for the quarter remained resilient despite seasonality in some of our sectors. With a good rebound in our intercompany exports for the quarter, we remain cautiously optimistic of the challenging and volatile macro economic environment. With focused efforts on financial and operating metrics, we remain committed to deliver long term value for 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, Savli, Maneja, and Hosur, 3 R&D centers, and 8 sales offices. In 2023, the company reported sales of INR 72,261 million, supported by a team of 3,383 employees. The company is well represented in India with its three divisions – Automotive Technologies, Vehicle Lifetime Solutions and Bearings and Industrial Solutions, 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 Technologies division and reliable range of bearings and accessories with award winning Industry 4.0 and Lifetime Solutions for the Bearings and Industrial Solutions 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 and 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.