Schaeffler India Limited announces results for the second quarter and half year ended June 30, 2024

2024-07-23 | Pune

• Double-digit growth for the quarter, revenue momentum across domestic and intercompany exports business
• Volume gains and continuous cost management drive sustained quality of earnings

Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), the Motion Technology Company, today announced that the Board of Directors approved the results for the second quarter and half yeard ended June 30, 2024.

April – June 2024 (2nd Quarter)

• Revenue from operations (net) for the quarter (Q2’24) was INR 20,719 million, 13.3% higher than the corresponding quarter of 2023 and 12.0% higher than preceding quarter (Q1’24)
• PBT (before exceptional items) for the quarter (Q2’24) was INR 3,399 million, 6.9% higher than the corresponding quarter of 2023. PBT margin for the quarter stood at 16.4%, compared to 17.4% during the corresponding quarter of 2023 and 16.5% during the preceeding quarter
• Net Profit for the quarter was INR 2,535 million and net profit margin stood at 12.2%

January – June 2024 (Six Months)

• Revenue from operations (net) for the six months period was INR 39,212 million, higher by 11.3% than the corresponding period of 2023
• PBT (before exceptional items) for the six months period was INR 6,456 million, higher by 5.5% than the corresponding period of 2023. PBT margin for the six months stood at 16.5%, compared to 17.4% during the corresponding period of 2023
• Net profit for the six months period was INR 4,812 million and net profit margin stood at 12.3% compared to 13.0% during the corresponding period of 2023

Commenting on the results, Mr. Harsha Kadam, Managing Director and Chief Executive Officer, said, “Progressing further into 2024, growth accelerated for our domestic business and momentum was sustained for intercompany exports. Margins were backed by the broad-based performance across businesses and focused approach on cost management. We remain committed to deliver on our financial and operating metrics while creating long-term value for our stakeholders with an unwavering commitment to our environment, social and governance framework.“

About Schaeffler India Limited

Schaeffler India is bringing the pioneering 75-year-old legacy of the Schaeffler Group in Motion Technology to India’s complex market with tailored high-precision solutions. With a shared passion for advancing how the world moves, Schaeffler India is the preferred development partner of nation-building industrial manufacturers, renowned automobile manufacturers and renewable energy operators. Specialising in high-precision components and systems for drivetrain and chassis applications and rolling and plain bearing solutions, Schaeffler India is preparing for tomorrow with its applications in electric mobility, CO₂-efficient drives, automation, renewable energy, and Industry 4.0. Supported by 4 manufacturing plants in Pune, Savli, Maneja, and Hosur, 3 R&D centres, 8 Sales offices and a strong network of Industrial and Automotive aftermarket footprint bringing products and solutions closer to customers in India. The company is driving efficiency, agility, and sustainability across different sectors. With product brands such as FAG, LuK, and INA, Schaeffler India is ensuring it is a reliable partner for making Motion more efficient, intelligent, and sustainable over the entire life cycle across automotive and industrial applications. In 2023, Schaeffler India achieved revenue of INR 72,261 million, reflecting its commitment to excellence and customer satisfaction. With a dedicated team of 3,383 employees, it upholds the values of the Schaeffler Group, embodying innovation, reliability, and sustainability in Motion Technology.