PUNE, 25 October 2016: 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 second quarter and half year ended September 30, 2016.
Financial Highlights
•Net Sales for the second quarter ended September 2016 amounted to INR 7050 million registering a growth of 10.3% compared to the corresponding quarter of the previous year and 1.4% as compared to the immediately preceding quarter
•The Profit after tax for the second quarter ended September 2016 amounted to INR 602.6 million registering a growth of 20% over the corresponding quarter of the previous year
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director and Country Head, SKF India said“The continued conducive development in economic environment coupled with a few challenges kept the momentum on an even keel. We continued our focus on delivering higher value solutions to our customers, collaborating with them, to drive our performance. Positive monsoon and expected GST roll out are likely to create momentum in near to mid-term.”
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2015 were SEK 75 997 million and the number of employees was 46 635.”
SKF Group started trading operations in India in Kolkata in 1923 and since then the Group's operations have been consolidated into SKF India Limited. SKF India also has associate companies called SKF Technologies (India) Pvt. Ltd, Lincoln Helios India Ltd, providing Seals and Lubrication systems. The company has manufacturing plants in Pune, Bangalore, Mysore and Haridwar. The company also has a Global Technical Center in Bengaluru.
