SKF India Q3 net profit at Rs 65.34 cr

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Auto component maker SKF India reported a net profit of Rs 65.34 crore for the third quarter ended December 31, 2016.

The company had posted a net profit of Rs 56.2 crore in the year-ago quarter.

Net sales during the period under review stood at Rs 707.42 crore. The same for the third quarter in the last fiscal was Rs 649.46 crore.

The company said due to change in its financial year, the results are not comparable.

SKF India also said its board has approved a buyback of shares at a price of Rs 1, 500 per share for an aggregate amount not exceeding Rs 390 crore pending shareholders' and regulatory approval.

Commenting on the performance, SKF India Managing Director and Country Head Shishir Joshipura said: "The results for the quarter reflect the positive effect of several initiatives rolled out by the company to consolidate leadership position in market, even as the quarter's economic activity was significantly impacted by demonetisation." The economic activity is expected to recover in near term and we expect conducive development in economic environment to drive the momentum, he added.