 "SKF Q3 net profit dips 15% to Rs 50 crore")
The company had posted a net profit of Rs 58.65 crore during the same period of the previous fiscal.
Net sales of the company also declined to Rs 591.54 crore during the third quarter, as against Rs 603.80 crore during the same period of previous fiscal, SKF India said in a statement.
Also Read
SKF India Managing Director and Country Head, Shishir Joshipura said the challenges in the market remained unaltered with persisting liquidity crunch and depressed demand.
"Under this situation, SKF has continued to work closely with customers to find innovative solutions to enhance our offered value," he added.
The company's board has approved to change the financial year of the company from January-December to April-March in line with provision of the new Companies Act, 2013.
SKF India currently follows January-December fiscal.
The firm's shares were trading at Rs 1,285.75 on BSE in the afternoon trade, up 2.24% from previous close.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%