SKF reports 42.5% YoY jump in net profit at Rs 175.23 crore in Q4FY24
09 May 2024 | 2244 Views | By Autocar Professional Bureau
SKF, a major player in the auto bearing space, reported a consolidated net profit of Rs 175.23 crore during Q4 FY24, a jump of 42.5% when compared with Rs 122.93 crore in Q4 FY23. The company's revenue, on the other hand, jumped 11.1% to Rs 1238.34 crore in Q4 FY24 ...
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SKF, a major player in the auto bearing space, reported a consolidated net profit of Rs 175.23 crore during Q4 FY24, a jump of 42.5% when compared with Rs 122.93 crore in Q4 FY23. The company's revenue, on the other hand, jumped 11.1% to Rs 1238.34 crore in Q4 FY24 as against a year ago, when it clocked Rs 1114.46 crore. The company attributed the growth to the focus on operational improvements and productivity enhancement.
SKF India, engaged in the manufacturing of a diverse product range of bearings, seals, & lubrication systems, holding a strong position in OEM as well as aftermarket sales. Roughly 35% of the company's revenues come from the automobile segment, including the aftermarkets and maintenance segments.
Mukund Vasudevan - Managing Director, SKF India Limited, said, “Despite the challenging external environment, we succeeded in delivering an impressive revenue growth, achieving a 10% increase in revenue with a 35% increase in PBT year-over-year. Resilient supply chain along with our focus on operational improvements and productivity enhancements enabled us to meet the customer needs and deliver value for our shareholders. We continue to keep advancing our intelligent and clean growth strategy to focus on overall operational efficiency and investing for sustained and profitable growth, while enabling the transition to net zero. We remain committed to sustain long term growth momentum, consistent strategy execution across the business and create value for all our shareholders.”