The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, have recently approved the unaudited Financial Results for the third quarter and nine months ended December 31, 2016.

Financial Highlights
Net sales for the third quarter ended December 2016 amounted to Rs. 7074.2 million registering a growth of 8.9% compared to the corresponding quarter of the previous year and 0.3% as compared to the immediately preceding quarter

The Profit after tax for the third quarter ended December 2016 amounted to Rs. 653.4 million registering a growth of 16.1% over the corresponding quarter of the previous year

Commenting on the occasion, Shishir Joshipura, Managing Director and Country Head, SKF India 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 this quarter's economic activity was significantly impacted by demonetization.

"The economic activity is expected to recover in near term and we expect conducive development in economic environment to drive the momentum.  The Board has approved a buy-back of shares at a price of Rs. 1500 per share, for an aggregate amount not exceeding Rs. 3900 million, pending shareholder and regulatory approval."

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