The Board of Directors of SKF India Limited approved the unaudited financial results for the third quarter ended December 31, 2021. The Revenue from operations of the Company for the period was at INR 966.9 crore as compared to INR 818.7 crore in the previous year.
The Profit After Tax for the period was INR 88.8 crore compared to INR 128.1 crore during the previous year. For the 9 months from April to December 21, Revenue from operations was INR 2,626.8 crore and Profit After Tax was INR 285.6 crore. Revenue from operations has grown 44% and Profit After Tax has grown 48% y-o-y respectively over the period April to December 2020.
Manish Bhatnagar, Managing Director, SKF India Limited, commented, “We continued to manufacture at pre-covid levels and ensured a disciplined cost approach. With a continued recovery in demand, we registered consecutive highest revenue in the past two quarters. Our revenue grew by 18% and PAT was down by 31% (YoY) in this quarter owing to short-term inflationary pressures and supply chain bottlenecks.”
He added, “We continue to make excellent progress on employee well-being, fulfilling customer expectations and working with our suppliers to reduce the business impact of global supply chain issues. The current environment, unprecedented inflation in commodity prices and persistent global supply chain disruptions might call for an overall price increase to customers. As we move into 2022 and beyond, the opportunities in front of us are large and we will continue to ensure that our financial performance remains strong despite all the odds.”
Manish further added, “We are optimistic and excited about the launch of our new strategic framework driving intelligent and clean growth. Intelligent means providing connected and tailored offerings for our customers, as well as using technology to make our operations more efficient. Clean reflects our ability to enable a more sustainable industry, whilst running our own business transparently and responsibly. These concepts will position us to accelerate profitable growth by targeting opportunities where strong market demand matches our ability to differentiate and provide customer value.”
