SKF India Registers 58% Increase in Net Sales in Q1 2010

Resource from: CBCC Likes:2934

May 10,2010

Total Sales Cross Rs 500 Crores in the quarter The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings, seals and related products and services, today approved the Unaudited Financial Results for the first quarter ended March, 31, 2010. The financial highlights are as given below: Net Sales for the first quarter ended March 2010 amounted to Rs.5005 million registering a growth of 58% over the corresponding quarter of the previous year. The Profit before tax for the first quarter ended March 2010 amounted to Rs.661 Million registering a growth of 191% over the corresponding quarter of the previous year. The Profit after tax for the quarter ended March 2010 amounted to Rs.436 Million showing a growth of 200% over the corresponding quarter of the previous year. Earnings per share at the end of first quarter (not annualized) is Rs. 8.3 as compared to Rs. 2.8 for the corresponding quarter of the previous year. Commenting on the occasion, Mr. Shishir Joshipura, Managing Director said "Our first quarter performance has registered a strong growth across the automotive and industrial sectors. This growth is achieved on the back of the strong all round performance of the India economy. With the recent commissioning of the new facilities we expect to strengthen our leadership position and continue to grow in line with market growth. SKF won the Dun and Bradstreet Rolta Award for the 'Best Company' in the Bearing sector 2009' for the 3rd consecutive year which further reflects the confidence our stakeholders have in us."

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