Schaeffler India Sees 13.3% Revenue Growth in Q2 2024

Schaeffler India Limited announced that the Board of Directors approved the results for the second quarter and half year ended June 30, 2024.

April – June 2024 (2nd Quarter)

The company’s revenue from operations (net) for Q2’24 was ₹20,719 million, 13.3% higher than the corresponding quarter of 2023 and 12.0% higher than the preceding quarter (Q1’24).

They reported that the PBT (Profit Before Tax) (before exceptional items) for Q2’24 was ₹3,399 million, 6.9% higher than the corresponding quarter of 2023. The PBT margin for the quarter stood at 16.4%, compared to 17.4% during the corresponding quarter of 2023 and 16.5% during the preceding quarter.

Net profit for the quarter was ₹2,535 million, with a net profit margin of 12.2%.

January – June 2024 (Six Months)

About tThe financial performance for the first six months of 2024, Schaeffler India Limited reported that the revenue from operations (net) was ₹39,212 million, 11.3% higher than the corresponding period of 2023.

The PBT (before exceptional items) for the six months was ₹6,456 million, 5.5% higher than the corresponding period of 2023. The PBT margin during the period stood at 16.5%, compared to 17.4% during the corresponding period of 2023.

The company’s net profit for the six months was ₹4,812 million, with a net profit margin of 12.3%, compared to 13.0% during the corresponding period of 2023.

Speaking on the financial performance, the Managing Director and Chief Executive

Officer of Schaeffler India Ltd, Mr Harsha Kadam, said, “Progressing further into 2024, growth accelerated for our domestic business and momentum was sustained for intercompany exports. Margins were backed by broad-based performance across businesses and a focused approach to cost management.”

He further added that the company remains committed to delivering its financial and operating metrics while creating long-term value for its stakeholders with an unwavering commitment to the environment, social and governance framework.

About Schaeffler India Ltd

Schaeffler India Ltd develops, manufactures, and distributes engine systems and transmission components, high-precision roller and ball bearings, clutch systems, chassis applications, and related machine-building manufacturing activities.

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