SKF India Q3 Net rises 31% to Rs 116.6 crore

Auto-component maker SKF India on Wednesday said its consolidated net profit grew 31 per cent to Rs 116.67 crore in the December quarter over the corresponding quarter of the previous fiscal.

The company had posted a consolidated net profit of Rs 88.79 crore in the third quarter of FY22.

The revenue from operations grew 11 per cent at Rs 1,077.20 crore in the quarter under review from Rs 967 crore in the same period of FY22, it said.

"Our focus on pricing actions, robust cash flow momentum and capital discipline combined with portfolio management helped us improve our overall margin, resulting in strong financial results,” said Manish Bhatnagar, Managing Director, SKF India Limited.

Given the continuous impact of inflation, ensuring full cost recovery continues to be the company's focus, he said and added, “in a challenged environment, we remain committed to focused execution of our clean growth strategy to navigate through the near-term challenges and sustain strong momentum.” “We believe that the strong fundamentals of our business, including our focus on prioritising high-growth segments, aligning with customers' evolving needs and maintaining operational discipline, put SKF in a position of strength as we continue to deliver sustained growth and value creation for all our shareholders,” Bhatnagar said.