SKF India dips post December quarter results

The stock down 5% at Rs 1,406 on NSE after reporting 15.5% yoy decline in net profit at Rs 40.88 crore in December quarter.

SKF India has dipped 5% to Rs 1,406 on NSE in otherwise firm market after reporting 15.5% year on year (yoy) decline in its net profit at Rs 40.88 crore for the fourth quarter ended December 31, 2014 (Q4) due to higher raw material and employee cost.

The company had profit of Rs 48.39 crore in the same quarter last year.

Total operational income during the quarter review grew marginally by 2.5% at Rs 615 crore against Rs 600 crore in the corresponding quarter of previous year.

The raw material cost increased by 25% yoy at Rs 154 crore, while employee benefit expenses rose 52% at Rs 63 crore on yoy basis, SKF India said in a statement.

The stock opened at Rs 1,450 and hit a low of Rs 1,392 on NSE. A combined 16,529 shares changed hands on the counter on NSE and BSE.