 "SKF India Q1 net up 29.89% at Rs 60.4 crore")
Auto component maker SKF India on Wednesday reported 29.89% increase in net profit at Rs 60.4 crore for the first quarter ended June 30, 2016.
Theompan cy had posted a net profit of Rs 46.5 crore in the same quarter last financial year.
Total income from operations during the period under review stood at Rs 703.17 crore as against Rs 656.54 crore in the same period last year, up 7.1%, SKF India said in a BSE filing.
SKF India MD and Country Head Shishir Joshipura said economic environment has developed positively on the back of improved activity in core infrastructure sector, driven primarily by public investment, and the activity level will further strengthen as private investment picks up.
"We have invested significant resources and efforts in building and delivering value to our customers in key segments of the economy. We will continue to leverage this positive momentum and an increasingly optimistic future driven by a steadily improving business sentiment," he added.
Shares of SKF India ended the day at Rs 1,379 apiece, down 2.26% from the previous close on the BSE.
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