Schaeffler India a leading industrial and automotive supplier has announced the results for Q2 and H1 of CY2023.
During the quarter, the company reported revenue of Rs 1,829 crore, up 4.6 percent YoY and 8 percent higher than the preceding quarter (Q1 CY2023). The net profit came at Rs 237 crore, with a margin of 13 percent.
In the first half of 2023, the company’s revenue grew by 6.2 percent to Rs 3,522 crore, and net profit came at Rs 456 crore with a margin of 13 percent.
Cautious optimism
Harsha Kadam, Managing Director, Schaeffler India said, “We continued our growth momentum during the first half of 2023 despite certain macroeconomic challenges. A strong performance across our domestic businesses helped navigate the moderation in exports. Our trajectory of business wins and focussed efforts on increasing market coverage strongly aided our performance.”
“Volume gains and stability in input costs enabled to sustain the earnings quality. We remain cautiously optimistic while we see some signs of uptick across key sectors. As we enter the second half of 2023, we remain committed to continue our growth story and generate long-term value for all our stakeholders; with sustainability at the core of how we conduct the business,“ he concluded.
