Schaeffler India reported 20.2% rise in net profit to Rs 113.47 crore on 8.3% increase in net sales to Rs 1120.65 crore in Q3 September 2020 over Q3 September 2019.
Profit before tax in the third quarter stood at Rs 152.74 crore, up by 32.4% from Rs 115.36 crore in the same period last year.
Current tax expense in Q3 September 2020 surged 123.9% to Rs 43.04 crore as against Rs 19.22 crore in Q3 September 2020.
Commenting on the results and financial performance of the company, Harsha Kadam, managing director, said, We continue to witness green shoots of recovery, across various sectors as the economy starts to crawl back to normalcy. However, we are still not out of the woods. During the quarter, both our Automotive and Industrial segments have shown resounding performance, responding to strong demand from certain segments, especially the tractor, passenger vehicle, industrial distribution and wind sectors. We continue with our efforts aimed towards responding to crisis with agility and ensuring business continuity with a cautiously optimistic outlook. We have managed to weather the storm and demonstrated that our fundamentals are strong.
Schaeffler India manufactures a vast range of ball bearings, engine and powertrain components and a wide range of clutches and hydraulic clutch release systems. The company has the largest after-market networks serving the industrial and automotive customers.
The scrip fell 1.32% to Rs 3638.90 on the BSE. It traded in the range of 3638.90 and 3799.95 so far during the day.
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