by Suman Gupta
Mumbai, February, 2018: The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the third quarter and nine months ended December 31, 2017.
The financial highlights are as given below:
- SKF India registered a strong performance in Q3 2017-18. Net Sales for the third quarter ended December 31, 2017 amounted to INR 7004.9 million as compared to Rs 7151.0 million for the third quarter of the previous year. Revenue from operation till 30th June 2017 is inclusive of excise duty. To that extent the revenue from operations for quarter ended December 31, 2017 and nine months ended December 31, 2017 is not comparable with quarter ended December 2016 and with nine months ended December 2016, as revenue from operations for the quarter ended December 2017 and September 2017 is net of Goods and Services Tax (GST). On a comparable basis, the sales for the quarter ended December 31, 2017 is 5.4 % higher than the corresponding quarter of the previous year.
- The Profit after tax for the third quarter ended December 31, 2017 amounted to INR 861.5 million (653.4 million) registering a growth of 31.8% over the corresponding quarter of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director and Country Head, SKF India said, “As the economy adjusted to the new GST regime, several sectors of economy witnessed return of growth even as some sectors continued to experience challenge in demand. Our performance in the current quarter continues to reflect the strong position we have built through innovation in several sectors. We will continue to leverage innovation, technology and manufacturing excellence to build on our leadership position.”
