The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings and services, approved the unaudited financial results for the second quarter ended September 30, 2021.
The Revenue from operations of the company for the period was declared at Rs. 9,663.7 million as compared to Rs 7032.4 million in the previous year. The Profit After Tax for the period was declared at Rs 1,176.4 million compared to Rs. 650.2 million during the previous year.
Manish Bhatnagar, Managing Director, SKF India Limited, commented, “Driven by a strong business momentum, recovery in demand and good progress across our strategic priorities, we delivered our best ever quarterly performance. Our Revenue grew 37% and PAT grew 81% YoY. Revenue this quarter is 29% higher versus the same quarter in the pre-pandemic year 2019, which is a better comparison of our performance. These results reflect the strength of our brand, significant trust of our customers, agility of our suppliers, and confidence of our stakeholders. I am especially proud of our employees for their hard work and strong achievement in these difficult times.”
“While we adopted a disciplined approach to minimize the inflationary impact, we continue to see high and volatile inflation across commodities and services. If required, we will take pricing actions to mitigate inflationary pressures,” he continued.
He further added, “Looking ahead, we aim to continue deepening our customer relationships, reskilling our employees and emphasizing on disciplined cost control and operational excellence to achieve sustainable and profitable growth,”