Schaeffler India Limited announces Q4 and Twelve months Results

by Shrutee K/DNS

Pune/New Delhi| Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the fourth quarter and twelve months, ended December 31, 2019.

October – December 2019 (Fourth quarter)

·         Total revenue from operations (net) for the quarter was INR 10,365 million, marginally better by 0.1% than the preceding quarter and 12.6% lower than the corresponding quarter of 2018.

·         PBT (before exceptional items) for the quarter was INR 1,241 million, higher by 7.6% than the preceding quarter and 20.9% lower than the corresponding quarter of 2018.

January – December 2019

·         Total revenue from operations (net) for the twelve months period was INR 43,606 million, lower by 4.4% than the corresponding period of 2018.

·         PBT (before exceptional items) for the twelve months period was INR 5,346 million, lower by 20.8% than the corresponding period of 2018.

Commenting on the results and financial performance of Schaeffler India Limited, Mr. Harsha Kadam, Managing Director, said, “2019 was an eventful year for all of us at Schaeffler India. We went through many developments, sometimes, in less than favorable circumstances. Despite facing economic headwinds, our balanced business portfolio between Industrial and Automotive ensured we end the year on a decent note. Our focused efforts toward cost management and cost flexing that we were able to achieve, have helped our bottom line and we could protect our margins. The external markets remain volatile but we are optimistic that 2020 will allow us to chart a better course as we prepare for the future.”

About Schaeffler India Limited: Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 19 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 45.6 billion in 2018 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.