Schaeffler India Limited announces results for the third quarter and nine months ended September 30, 2024

2024-10-23 | Pune

• Double-digit YoY growth, domestic business continues to aid performance
• Quality of earnings sustained, reflects focus on cost management

Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), the Motion Technology Company, today announced that the Board of Directors approved the results for the third quarter and nine months ended September 30, 2024.

July – September 2024 (3rd Quarter)

• Revenue from operations (net) for the quarter (Q3’24) was INR 20,728 million, 12.1% higher than the corresponding quarter of 2023 and 0.04% higher than preceding quarter (Q2’24)
• PBT (before exceptional items) for the quarter (Q3’24) was INR 3,332 million, 5.5% higher than the corresponding quarter of 2023. PBT margin for the quarter stood at 16.1%, compared to 17.1% during the corresponding quarter of 2023 and 16.4% during the preceeding quarter
• Net Profit for the quarter was INR 2,471 million and net profit margin stood at 11.9%

January – September 2024 (Nine Months)

• Revenue from operations (net) for the nine months period was INR 59,940 million, higher by 11.6% than the corresponding period of 2023
• PBT (before exceptional items) for the nine months period was INR 9,787 million, higher by 5.5% than the corresponding period of 2023. PBT margin for the nine months stood at 16.3%, compared to 17.3% during the corresponding period of 2023
• Net profit for the nine months period was INR 7,283 million and net profit margin stood at 12.2% compared to 12.9% during the corresponding period of 2023

Commenting on the results, Mr. Harsha Kadam, Managing Director and Chief Executive Officer, said, “ Our domestic business continued its growth momentum as we progressed into second half of the year. Despite a challenging market environment, the Automotive Technologies and Bearings & Industrial Solutions business showed an upward trend. The sustained quality of earnings reflects our constant focus on cost management and realization of financial and operating margins. As we navigate the external landscape, we remain committed to growth, profitability, and value creation.“

Schaeffler Group – We pioneer motion.

The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. Schaeffler describes its comprehensive range of products and services in the mobility ecosystem by means of eight product families: From bearing solutions and all types of linear guidance systems through to repair and monitoring services. Schaeffler is with around 120,000 employees and more than 250 locations in 55 countries, one of the world’s largest family-owned companies and one of Germany’s most innovative companies

Schaeffler India Limited

Schaeffler India brings a 75-year global legacy of innovation in motion technology to the Indian market, offering precision engineering solutions. As a trusted partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle, Schaeffler offers innovative technologies, products, and solutions for electric mobility, CO₂-efficient drives, chassis solutions and renewable energies. With four manufacturing plants in India (Pune, Savli, Maneja, and Hosur), three R&D centers, eight sales offices, and a strong industrial and automotive aftermarket network, Schaeffler India ensures nationwide accessibility of products and solutions to its customers.

With renowned product brands and a comprehensive range of products and services in the mobility ecosystem by means of eight motion families: from bearing solutions and linear guidance systems through to repair and monitoring services, Schaeffler is committed to partnering with its customers across segments for their engineering and motion technology needs. With its presence in India for over 60 years and with a dedicated workforce of over 3,000 employees Schaeffler is a leading motion technology company in India. Explore more - www.schaeffler.co.in