Leading industrial and automotive supplier, Schaeffler India Ltd reported robust growth in the first quarter of the calendar year (January-December). The company's net profit for Q1 stood at Rs 207 crore, up by 13.2 per cent.
Harsha Kadam, Managing Director, said, "The year 2022 started well for us, despite the headwinds from rising inflation and the emerging geopolitical situation. Our balanced business portfolio with traction in our exports segment helped us continue the momentum. We delivered resilient margins despite the ongoing market challenges on the back of our sustained countermeasures and improved business mix. We are committed to delivering on our financial and operating metrics while creating long-term value for our stakeholders with an unaltered focus on doing business sustainably."
The company's net revenue was up by 19 per cent to Rs 1,567 crore, which was higher than the corresponding quarter of 2021 and 2.9% higher than the preceding quarter (Q4'21). The company's profit before tax stood at Rs 277 crore up by 49 per cent from the corresponding quarter of 2021 and 7.9 per cent higher than the preceding quarter (Q4'21). PBT margin for the quarter stood at 17.7%, compared to 14.1% during the corresponding quarter of 2021.
As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking inventions and developments in the fields of motion and mobility for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making the motion and mobility more efficient, intelligent, and sustainable. The technology company manufactures high-precision components and systems for powertrain and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications.