SKF India net profit up 35% in Jul-Sep

SKF India, technology and solutions provider of bearings, seals, lubrication systems, mechantronics and services, today said its net profit rose 35.60% to Rs 55.69 crore in the quarter ended September 2011 as against Rs 41.07 crore during the corresponding period last year.

Sales also rose by 13.87% to Rs 599.75 crore in the quarter ended September 2011 as against Rs 526.70 crore during the previous quarter ended September 2010, a company statement said here.

Earnings per share for the first nine months of the current year is Rs 31.9 as compared to Rs 25.2 for the corresponding period last year.

The company plans to spend Rs 150 crore over various augmentation facilities in FY12, which will be financed through internal accruals, SKF India Managing Director Shishir Joshipura said.

The company is doubling its capacity for hub bearings and adding capacity for medium size ball bearings, he said.

SKF India's third quarter performance has shown steady growth against a very demanding economic scenario.

"High inflation, increasing input costs and a high interest rate regime continued to put pressure on performance. The quarter saw continued moderation in demand in some sections of the automotive sector. However, we remain positive about the sustained growth opportunities in the medium to long term even as near term outlook remains challenging," Joshipura said.

The company will continue to focus on providing value added solutions to its customers to support its growth plans, he said.