SKF India Limited announced that its Board of Directors has approved the unaudited financial results for the fourth quarter ended March 31, 2021. SKF India is a leading technology and solutions provider of bearings and units, seals, lubrication, condition monitoring and services.
The Revenue from operations of the Company for the quarter was at Rs 10,390 million as compared to Rs 8,475.3 million in the previous year. The Profit Before Tax for the quarter was Rs 1,456 million compared to Rs 1,387 million during the previous year.
Manish Bhatnagar, Managing Director SKF India Limited, commented, “We are pleased with our performance this quarter, achieving a 22.6 % increase in revenue and a 5% increase in PBT year-over-year. We have achieved this growth despite supply chain bottlenecks, unprecedented inflation in commodity prices, and persistent global supply chain disruptions. During the year, we took price increases to mitigate some cost inflation impact; however, full cost recovery will take time given the persistent inflationary trends and the uncertainty created by the current geopolitical situation.”
He further said, “As we look to expand our earnings potential, we will continue to focus on the execution of our Intelligent and clean growth strategy and deep engagement with our customers and suppliers.” “We are actively strengthening our competitive position within each of our business segments, investing in our people’s capabilities and our future. To realise our goals, we will continue to improve operating efficiencies, and most importantly have momentum on robust cash flow, and disciplined cost and investment approach to create long-term value for all our stakeholders,” he added.