Schaeffler India, one of the leading automotive suppliers has announced its financial results for Q4 CY2023 and full-year 2023.
The company reported revenue of Rs 1,855 crore, up 3.4 percent YoY for Q4 CY2023 and net profit of Rs 217 crore , up 11.7 percent YoY. For 2023, the company posted revenue of Rs 7,226 crore, up 5.2 percent YoY and net profit of Rs 909 crore, up 12.6 percent YoY.
Harsha Kadam, MD, Schaeffler India said, “Our balanced business portfolio, backed by continued momentum in our key sectors helped sustain revenues for the quarter. Despite the adverse export mix, our annual performance was aided by our domestic businesses and trajectory of business wins across sectors. Our continued focus on efficient utilisation of resources and productivity measures helped in sustaining the quality of earnings. Our robust cash generation and CAPEX realisation continues to remain in focus. Entering 2024 with an uptick from some of the market sectors, with committed efforts to leverage the market growth continues. Our approach towards dividend payment reinforces our commitment to long term value creation.”
The Schaeffler Group is a leading player in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO2-efficient drives, chassis solutions, Industry 4.0, digitalisation, and renewable energies.
