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SKF India Q1 net profit up 40% on year to Rs 61 crore
SKF India’s first quarter (January-March) net profit rose 40% year-on-year to Rs 61 crore, aided by strong demand from the automotive and industrial sectors.
SKF India 's first quarter (January-March) net profit rose 40% year-on-year to Rs 61 crore, aided by strong demand from the automotive and industrial sectors.
Net sales for the company, which supplies bearings to the automotive and industrial sector, were up 25.5% from a year ago to Rs 628.1 crore.
"Capacity enhancements undertaken last year, coupled with the ongoing capacity expansion within the existing facilities...have helped us achieve volume growth and better operational efficiencies," said Shishir Joshipura, managing director.
Automobile sales in India surged over 30% in 2010-11 (April-March), forcing auto component makers, struggling to keep up with the demand, draw massive capacity expansion plans.
SKF India opened its new factory in Haridwar last year for manufacturing deep groove ball bearings for the automotive sector. The plant was setup with an overall capital outlay of Rs 1,500 crore and capacity to produce 60 million bearings a year.
SKF India, which is a unit of Sweden's SKF Group, also has manufacturing plants in Pune and Bangalore apart from Haridwar.
