The Board of Directors of SKF India Limited, a leading technology and solutions provider of bearings and units, seals, lubrication, condition monitoring and services, has approved the unaudited financial results for the fourth quarter ended March 31, 2020.
The Revenue from operations of the company for the period was at Rs 8,475.3 million as compared to Rs 6,102.1 million in the previous year. The Profit Before Tax for the period was Rs 1,387.0 million compared to Rs 918.3 million during the previous year.
Manish Bhatnagar, Managing Director, SKF India Limited, said, “We were pleased with our performance this quarter, achieving a 38.9% increase in revenue and a 51.1% increase in PBT year-over-year. As we look to expand our earnings potential, we will continue to focus on the execution of our growth strategy and deep engagement with our customers and suppliers.”
He said the country is going through a ferocious second wave of COVID, the scale of which has not been seen before. “We’re doing everything we can including vaccination drives and setting up of COVID care centers, to ensure employee safety and well-being. We expect spending and activity levels to gain momentum through the year as the macro environment improves.”
Bhatnagar said they remain focused on supporting their customers, staying disciplined on their strategic priorities, improving operating efficiencies and optimizing costs through digitalization efforts, faster execution and most importantly, investment in their people’s capabilities to create long-term value for all the stakeholders.