Industrial and automotive supplier Schaeffler India on April 18 has recorded 5.9 percent year-on-year growth in profit at Rs 219.4 crore for the quarter ended March 2023, driven by other income but lower operating margin limited profitability.
Net profit margin, however, declined 26 bps on-year to 12.95 percent for the quarter.
Revenue from operations for the quarter at Rs 1,694 crore grew by 8 percent, the company said in its filing to exchanges. The YoY growth was aided by its automotive business.
The company follows January-December as its financial year.
"The automotive technologies and automotive aftermarket business registered strong YoY growth. Our balanced business portfolio and focus on operational efficincies helped us to mitigate the external headwinds resulting in resilient margins," Harsha Kadam, Managing Director of Schaeffler India, said.
Automotive technologies segment registered a 21 percent year-on-year growth at Rs 737.7 crore and automotive aftermarket business grew by 17.4 percent to Rs 146.4 crore, but industrial business dropped 8.5 percent to Rs 536 crore for Q1-2023.
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On the operating front, its EBITDA (earnings before interest, tax, depreciation and amortisation) increased 2 percent to Rs 314.7 crore for the March 2023 quarter over the year-ago period.
The margin dropped to 18.58 percent for the said quarter, down by 109 bps compared to 19.67 percent in corresponding period last fiscal, impacted by higher input cost.
The stock reacted negatively, falling 2 percent to Rs 2,966 at 2:23pm.
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