SKF India has reported 9 per cent YoY uptick revenue from operations at Rs 1149.6 crore in Q1FY24 compared to Rs 1054.7 crore in the same quarter previous fiscal. Strong revenue growth was driven by strong price mix and realisation.
Its profit after deducting Income Tax Expense has come in at Rs 154.53 crore, up 26 percent from Rs 122.35 crore in Q1FY23 on improved mix, lower cost level and portfolio management.
The company is betting on localisation and focussing on creating value for its employees, environment and communities. It is investing in employees to help acquire new skills. Further the targets decarbonising operations by 2030, aims for a net zero supply chain by 2050.
Manish Bhatnagar, Managing Director, SKF India said, “ Our focus on portfolio management and higher price realization helped us offset inflationary pressures. Given our focus on strong cash flow momentum and driving operational efficiency, we remain well prepared for further profitable growth in the upcoming quarters. Looking ahead, we are confident that the continued execution of our intelligent and clean growth strategy will help us sustain the growth momentum.”