Schaeffler India Limited announces Q2 and half year results for the period ended June 30, 2023
The quarter's net profit was INR 2,373 million, and the net profit margin increased to 13.0% from 12.9% in the similar quarter of 2022.
Pune- Schaeffler India Limited., An industrial and automotive supplier, has announced the results for the second quarter and six months ended June 30, 2023.
April – June 2023 (Second Quarter)
The company reported INR 18, 291 million as the revenue from operations which is higher by 4.6% corresponding to Q2 of 2022 and 8% higher than the previous quarter. Profit Before Tax was INR 3,180 million for the quarter (Q2 CY2023), 11.3% more than for the same period in 2022. PBT margin for the quarter was 17.4% as opposed to 16.3% for the same period in 2022. The quarter's net profit was INR 2,373 million, and the net profit margin increased to 13.0% from 12.9% in the similar quarter of 2022.
January – June 2023 (Six Months)
The six-month period's revenue from operations (net) was INR 35,228 million, up 6.2% from the same period in 2022. Prior to extraordinary items, or PBT, for the six-month period was INR 6,122 million, up 8.7% from the same period in 2022. PBT margin for the first half of the year was 17.4%, up from 17.0% for the same period in 2022. The six-month period's net profit was INR 4,567 million, and the net profit margin was 13.0%, down from 13.1% in the similar period of 2022.
Commenting on the results, Mr. Harsha Kadam, Managing Director of Schaeffler India, said, “We continued our growth momentum during the first half of 2023 despite certain macroeconomic challenges. A strong performance across our domestic businesses helped navigate the moderation in exports. Our trajectory of business wins and focused efforts on increasing market coverage strongly aided our performance. Volume gains and stability in input costs enabled to sustain the earnings quality. We remain cautiously optimistic while we see some signs of uptick across key sectors. As we enter the second half of 2023, we remain committed to continue our growth story and generate long-term value for all our stakeholders; with sustainability at the core of how we conduct the business. “
