The company has recorded all-round growth in the first quarter of 2018.
17 Apr 2018 | 3378 Views | By Autocar Pro News Desk
Schaeffler India, the leading supplier of industrial equipment and automotive components, today announced its results for the first quarter ended March 31, 2018.
For the January-March 2018 period, the company’s total income (net) rose to Rs 546 crore, up by 14.5 percent over the corresponding quarter of CY2017. Earnings ...
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Schaeffler India, the leading supplier of industrial equipment and automotive components, today announced its results for the first quarter ended March 31, 2018.
For the January-March 2018 period, the company’s total income (net) rose to Rs 546 crore, up by 14.5 percent over the corresponding quarter of CY2017. Earnings before taxes (EBT) for Q1 CY2018 have increased to Rs 98 crore at 18 percent of total income (net), which is in line with the corresponding quarter of CY2017.
With compliance to the merger of all the existing entities under Schaeffler Group in India, as announced by the board of directors on August 30, 2017, the company (Schaeffler India) has also published the consolidated results on a pro-forma basis for the three companies (Schaeffler India, INA Bearings India and LuK India). Q1 (Jan-Mar 2018) CY2018 consolidated total income (net) stood at Rs 1,130 crore, up by 16.5 percent YoY.
Commenting on these results and Schaeffler India’s financial performance, Dharmesh Arora, MD, said, “As the economy gathers momentum, we have witnessed all round growth in the Q1 of CY2018. Our business both in automotive and industrial sectors delivered good results and we expect the growth to continue. It seems like the impacts from GST implementation are behind us.”
Also read: INA Bearings and LuK merger with Schaeffler India to create Rs 4,000 crore entity