SKF India posts 39% rise in Mar qtr PAT at Rs 105 cr

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Mumbai, May 15 (PTI) SKF India reported a 39.1 per cent growth in profit after tax (PAT) at Rs 104.83 crore in the March quarter of FY2020-21.

The Swedish auto component maker had posted a PAT of Rs 75.34 crore in Q4 of FY2019-20, according to a company statement.

Revenue from operations rose 38.9 per cent to Rs 847.53 crore during the quarter under review as compared to Rs 610.21 crore in the corresponding January-March period of FY2019-20.

For FY2020-21, PAT stood at Rs 297.69 crore, a growth of 3 per cent over Rs 288.99 crore profit clocked in FY2020, while the revenue from operations during the same period slipped 6 per cent to Rs 2,670.73 crore from Rs 2,841.58 crore in the year-ago period, SKF India said.

The company expects spending and activity levels to gain momentum through the year as the macro environment improves and it remains focused on supporting staying disciplined on its strategic priorities, improving operating efficiencies and optimizing costs through digitalization efforts, faster among others, SKF India Managing Director Manish Bhatnagar said.

'We were pleased with our performance this quarter, achieving a 38.9 per cent increase in revenue and a 51.1 per cent increase in PBT (profit before tax) year-over-year. As we look to expand our earnings potential, we will continue to focus on the execution of our growth strategy and deep engagement with our customers and suppliers,' he said.

Noting that the country is going through a ferocious second wave of COVID, the scale of which has not been seen before, Bhtanagar said, the company is doing everything it can including vaccination drives and setting up of COVID care centres, to ensure employee safety and wellbeing.

'We expect spending and activity levels to gain momentum through the year as the macro-environment improves. We remain focused on supporting our customers, staying disciplined on our strategic priorities, improving operating efficiencies and optimising costs through digitalisation efforts, faster execution and most importantly, investment in our people's capabilities to create long-term value for all our stakeholders,' he said. PTI IAS MKJ

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