New Delhi: The Board of Directors of SKF India Limited, a leading technology and solutions provider of bearings and units, Wednesday reported that the revenue from operations of the company for the quarter ended September 30, 2023, was at INR1125.2 crore compared to INR 1078.3 crore in the previous year, up4%.
Profit before tax (PBT) for the Q2FY24 was at INR 122 crore compared to INR 207.5 crore during the previous year, down 41%.
Manish Bhatnagar, Managing Director, SKF India Limited, said, “As the external environment remained mixed this quarter, we have delivered moderate revenue growth, achieving a 4% increase in revenue with a 41% decrease in PBT year-over-year. The increase in import costs adversely impacted our margins in this quarter. However, normalized supply chain continues to help improve our overall operational efficiency. Looking ahead, we will continue to maintain our focus on operational improvements and productivity enhancements to sustain through this dynamic period. We are confident of systematically advancing our intelligent and clean growth strategy to sustain the long-term growth momentum. Our strong business fundamentals, coupled with the right talent, and alignment with customers’ evolving needs, positions us firmly to deliver improved margins and create value for all our shareholders.”
