SKF India Reports Q1 FY24-25: Revenue Up 5% to ₹12,062 Million

On August 14, 2024, SKF India’s Board of Directors approved the unaudited financial results for the quarter and half-year ending June 30, 2024. SKF India is a top provider of bearings, condition monitoring, and related services.

For the quarter ended June 30, 2024, SKF India reported a revenue of ₹12,062 million, an increase from ₹11,496 million in the same period last year. The company’s Profit Before Tax (PBT) also rose to ₹2,137 million, up from ₹2,076 million the previous year.

Mukund Vasudevan, Managing Director of SKF India Limited, said, “We continue executing faster on all our strategic priorities, driving investments to grow the business, gain market share, and optimise margins. With the favourable environment and growing demand, we succeeded in delivering impressive revenue growth, achieving a 5% increase in revenue and a 3% increase in PBT year-over-year.”

He further added, “As we continue to advance our intelligent and clean growth strategy, we are also focused on overall operational efficiency and investing for sustained and profitable growth while enabling the transition to net zero. We remain committed to sustaining long-term momentum, maintaining a consistent strategy across the business, and creating value for all our shareholders.”

For the March quarter of the financial year 2023-24, SKF India reported a strong 43% increase in net profit, reaching ₹175.2 crore. Revenue for the quarter was ₹1,203.4 crore, up 9.9% from the previous year. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to ₹213.34 crore, a significant 27.8% increase from ₹166.92 crore last year.

About SKF India Ltd

SKF is a global leader in providing innovative solutions to make industries more competitive and eco-friendly. By designing products that are lighter, more efficient, durable, and repairable, SKF helps customers enhance the performance of their rotating equipment and lower their environmental impact. SKF’s products for rotating shafts include bearings, seals, lubrication management, condition monitoring, and various services.

On August 14, 2024, SKF India Ltd’s share price opened at ₹5,225.00, touching the day’s low at ₹4,930.00, as of 12:59 PM on the NSE.

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