Schaeffler India rallies 20% in two days on strong June quarter results

As the Covid-19 wave-2 subsides and the consumer sentiments improve, the management is optimistic the market would come back on a faster growth trajectory

Shares of Schaeffler India rallied 11 per cent to Rs 6,489 on the BSE in intra-day trade on Friday, surging 20 per cent in the past two trading days, after the company reported a profit after tax (PAT) of Rs 128 crore in the June quarter (Q2FY21). The company, a leading industrial and automotive supplier, had posted a loss of Rs 42.5 crore in Q2FY20. In the previous quarter, it had posted a profit of Rs 139.5 crore.

Total net revenue from operations for the quarter was Rs 1,233 crore, higher by 181 per cent over its corresponding quarter of 2020