Schaeffler India posts better results
Schaeffler India Limited, a leading industrial and automotive supplier, posted 14.5% rise in income to Rs 545.8 crore during the first quarter ended March 31, 2018, compared to the corresponding quarter of 2017. EBT for the quarter increased 18% to Rs 98.1 crore.
Further to the merger scheme announced on August 30, 2017 by the Board of Directors of INA Bearings India Pvt Limited, LuK India Pvt Limited and Schaeffler India Limited, Schaeffler India Limited also published the consolidated results on a pro-forma basis for the three companies. On a pro-forma basis, the quarterly (January-March 2018) consolidated net income stood at Rs 1113 crore, higher by 16.5% than in the corresponding period of 2017.
Dharmesh Arora, Managing Director, Schaeffler India said, “As the economy gathers momentum, we have witnessed all round growth in the first quarter of 2018. Our business both in the automotive and Industrial sectors delivered good results and we expect the growth trajectory to continue. It seems like the impact from GST implementation are behind us.”
Schaeffler India Limited (formerly FAG Bearings India Limited) was established in Vadodara, Gujarat in 1962. With sales of Rs 18.8 billion in 2016 and 1,571 employees, it is amongst India’s leading manufacturers of ball and roller bearings. The company’s plants are rated among the most technologically advanced facilities of the Schaeffler Group and have global qualifications in terms of quality and productivity.
Its bearings are highly preferred in domestic as well as various global markets and find wide ranging applications from electric motors to wind mills, motorcycles to mining, tractors to textile machines, and from paper to steel mills. Its comprehensive services portfolio helps customers maximize plant availability, prevent unforeseen machine downtimes and reduce maintenance cost. Schaeffler India’s trained technicians provide to customers a comprehensive range of equipment and services for the mounting and maintenance of rolling bearings.