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Schaeffler India reports revenue growth in high teens led by the automotive business

Schaeffler India reports revenue growth in high teens led by the automotive business

Schaeffler India reports revenue growth in high teens led by the automotive business
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By CNBCTV18.com Oct 19, 2022 1:51:04 PM IST (Published)

Schaeffler India's margin expanded year-on-year despite challenging market conditions and inflationary pressures.

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Industrial and automotive supplier Schaeffler India's revenue grew nearly 20 percent from the same period last year, led mainly by the automotive business.
Overall topline increased 18.1 percent year-on-year to Rs 1,756.4 crore, compared to Rs 1,487 crore last year.
Net profit for the third quarter increased 12.3 percent from last year to Rs 215.4 crore. The company reports earnings in the calendar year format from January-December.
Operating profit or EBITDA increased 21 percent to Rs 319 crore from Rs 264 crore year-on-year.  While margins expanded 40 basis points to 18.2 percent from 17.8 percent, despite a challenging market environment and inflationary pressures.
The company's Managing Director Harsha Kadam had earlier told CNBC-TV18 that the company’s intention was to grow in double-digits and focus on exporting within the industrials segment.
The company has plans to invest Rs 1,000 crore in the next 3 years. Kadam had said that the company had been making investments across a spectrum of applications on the automotive side.
Schaeffler India shares gave up early gains and are now trading 0.8 percent lower at Rs 3,165.60 as of 1:45 PM.
 
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