Schaeffler India Q4 PAT slides 6% YoY to Rs 217 cr

Schaeffler India reported 5.89% decline in standalone net profit to Rs 217.38 crore in Q4 CY23 as against Rs 230.98 crore posted in Q4 CY22.

Revenue from operations increased 3.37% year on year (YoY) to Rs 1,855.07 crore in the quarter ended 31 December 2023.

Profit before tax during the quarter stood at Rs 300.52 crore, registering de-growth of 2.92% from 309.57 crore in corresponding quarter last year.

On full year basis, the companys net profit rose 3.39% to Rs 909.03 crore on 5.22% increase in revenue from operations to Rs 7,226.13 crore in CY23 over CY22.

Harsha Kadam, Managing Director, said, Our balanced business portfolio, backed by conituned momentum in our key sectors helped sustain revenues for the quarter. Despite the adverse export mix, our annual performance was aided by our domestic businesses and trajectory of business wins across sectors. Our continued focus on efficient utlization of resources and productivity measures helped in sustaining the quality of earnings.

Our robust cash generation and capex realization continues to remain in focus. Entering 2024 with an uptick from some of the market sectors, with committed efforts to leverage the market growth continues.

Meanwhile, the board recommended a dividend of Rs 26 per equity share for the year ended 31 December 2023 and 26 April has been fixed as record date for the same. The said dividend shall be paid within 30 days from the date of AGM.

Schaeffler is among the largest industrial and automotive supplier with 3 well known product brands (LuK, INA and FAG), 4 manufacturing plants and 8 sales offices. Schaeffler also has the largest after-market networks serving the industrial and automotive customers.

The scrip ended 1.03% higher at Rs 3,062.25 on Friday, 16 February 2024.

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