Despite lower expenses, SKF net slips marginally to Rs 51 cr

SKF India today reported a marginal fall in net profit at Rs 51.18 crore for the January-March quarter compared to that of Rs 52.14 crore in the same period last year.
The company, which has changed its reporting period from the calendar year to fiscal year (April-March), said its income remained stagnant at Rs 579.8 crore in the quarter ended March, while its expenses declined to Rs 517.5 crore from Rs 541.2 crore.
The local arm of the Swedish company, which manufactures and markets bearings, seals, lubrication systems, mechatronics and services, did not offer any reason for the fall in topline and bottomlines.

For the full year, net sales rose to Rs 2,955.56 crore from Rs 2,372.64 crore in previous year, while the net profit rose to Rs 257.15 crore from Rs 202.77 crore for five quarters period ended March 2016. But the numbers are not comparable as the result is for a period of five quarters.
The board has recommended a dividend of Rs 15 (150 per cent) per share compared to Rs 10 (100 per cent) in the previous year.
SKF India Managing Director and Country Head Shishir Joshipura said, "We remain optimistic that the market conditions will turn favourable on the back of several initiatives launched by the government. We are well-prepared to build on our leadership position and partner the customers in their growth."

SKF, which is present in over 130 countries with 15,000 distributor locations worldwide, started its operations in the country in Calcutta (now Kolkata) way back in 1923. It has manufacturing plants in Pune, Bengaluru and Haridwar.