NRB Bearings slumps after Q2 PAT drops 47% YoY

NRB Bearings fell 15.93% to Rs 151.50 after the company's consolidated net profit declined 46.67% to Rs 12.56 crore on 0.37% increase in net sales to Rs 257.52 crore in Q2 September 2022 over Q2 September 2021.

On a consolidated basis, profit before tax (PBT) fell 40% year-on-year to Rs 19.92 crore in Q2 September 2022.

During the quarter, total expense rose 8.6% to Rs 237.29 crore. Cost of material consumed climbed 44.8% to Rs 131.68 crore and employee cost increased 12.7% to Rs 40.01 crore.

Net cash generated from operating activities stood at Rs 73.96 crore in six months ended 30 September 2022 as against Rs 4.79 crore in six months ended 30 September 2021.

During the quarter ended 30 September 2022, the company unwound one of its cross-currency interest rate swap hedge contract and accordingly gain of Rs 3.97 crore was recorded under other income.

NRB Bearings offers a wide range of high-precision customized friction solutions. It products include needle roller bearings, conventional cylindrical roller bearings and lightweight drawn cup bearings.

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