SKF India, a leading technology and solutions provider of bearings and units, seals, lubrication, condition monitoring and services has announced its financial results for FY2023.
For the fiscal, the company reported revenue of Rs 4,304 crore, up 17 percent, as compared to Rs 3,665 crore a year ago, the profit for the year came at Rs 524 crore as against Rs 394 crore for the same period last year.
Manish Bhatnagar, MD, SKF India said, “We were successful in delivering higher price increases in the last quarter, helping us offset inflationary pressure. Stable manufacturing costs and a normalising supply chain, combined with our strong portfolio management capabilities, along with a disciplined cost approach have helped us improve profitability and cashflow.”
Bhatnagar added that despite a challenging operating environment, the demand remained strong for its products across businesses.
He further mentioned that supply chain pressures was gradually improving, which would further continue to sharpen SKF India’s cash flow momentum, while maintaining focus on operational improvements and productivity enhancements to “sustain through this dynamic period.”
“We are confident of systematically advancing our intelligent and clean growth strategy to address short- and medium-term risks and sustain the long-term growth momentum. Our strong business fundamentals, coupled with the right talent, and alignment with customers’ evolving needs, positions us firmly to deliver improved margins and create value for all our shareholders,” he added.
