SKF INDIA PROFIT RISES 3% AT `88 CR

SKF India, the wholly owned subsidiary of Swedish SKF has reported a net profit rise of 3 per cent at `88.45 crore.

The company’s net sales also rose 10 per cent at

`767.65 crore, up from

`700.49 crore. Ebitda stood at `155.46 crore up 8.68 per cent from `143 crore. “We have posted a steady financial performance in this quarter despite subdued demand in the automotive market and slowing industrial output,” Manish Bhatnagar, managing director at SKF India, said.

Despite these headwinds, the brand has delivered good results by focusing on its core competence in engineering and design as well as continuing to delight customers with our superior commercial excellence and digitalization initiatives, he pointed out. SKF India EPS has increased to `17.20 from `16.80.