The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the first quarter ended June 30, 2018.
The financial highlights are as given below:
· SKF india registered a strong performance in Q1 2018-19. Net sales for the first quarter ended June 30, 2018 amounted to INR 7549.5 million as compared to Rs. 7208.8 million for the first quarter of the previous year. Revenue from operation for the quarter ended 3oth June 2017 is inclusive of excise duty. To that extent the revenue from operations for quarter ended June 30, 2018 is not comparable with quarter ended June 2017, as revenue from operations for the quarter ended June 2018 is net of Goods & Service Tax (GST). On a comparable basis, the sales for the quarter ended June 30, 2018 is 13.3% higher than the corresponding quarter of the previous year.
· The profit after tax for the first quarter ended June 30, 2018 amounted to INR 808.6 million (642.7 million) registering a growth of 25.8% over the corresponding quarter of the previous year
Commenting on the occasion, Mr. Carl Orstadius, Managing Director, SKF India said, “We have got off to a strong start to the year with good demand seen in both, our automotive and industrial business. With a prediction of a good monsoon and improved economic growth in 2018-19 and our continued thrust on providing our customers with solutions that help them improve their Rotating Equipment Performance, we remain optimistic of a continued steady growth in the year ahead.”