The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings and units, seals, lubrication, condition monitoring and services, approved the unaudited financial results for the third quarter ended December 31, 2021.
The financial highlights are as given below:
- The Revenue from operations of the Company for the period was at Rs 9,669.8 million as compared to Rs 8,187.2 million in the previous year.
- The Profit After Tax for the period was Rs 888.9 million compared to Rs 1,281.1 million during the previous year.
- For the 9-month period April to December 21, Revenue from operations was Rs 26,268.8 million and Profit After Tax was Rs 2,856.5 million. Revenue from operations has grown 44% and Profit After Tax has grown 48% y-o-y respectively over period April to December 2020.
Manish Bhatnagar, Managing Director, SKF India Limited, commented, “We continued to manufacture at pre-covid levels and ensured a disciplined cost approach. With continued recovery in demand, we registered consecutive highest revenue in the past two quarters. Our revenue grew by 18% and PAT was down by 31% (YoY) in this quarter owing to short-term inflationary pressures and supply chain bottlenecks. We continue to make excellent progress on employee well-being, fulfilling customer expectations and working with our suppliers to reduce the business impact of global supply chain issues. The current environment, unprecedented inflation in commodity prices and persistent global supply chain disruptions might call for an overall price increase to customers. As we move into 2022 and beyond, the opportunities in front of us are large and we will continue to ensure that our financial performance remains strong despite all the odds.”
Manish further added, “We are optimistic and excited about the launch of our new strategic framework driving intelligent and clean growth. Intelligent means providing connected and tailored offerings for our customers, as well as using technology to make our operations more efficient. Clean reflects our ability to enable a more sustainable industry, whilst running our own business in a transparent and responsible manner. These concepts will position us to accelerate profitable growth by targeting opportunities where strong market demand matches our ability to differentiate and provide customer value.”