SKF India logs nearly 2-fold rise in Q3 net profit

Source :IANS
Author :IANS
Last Updated: Mon, Feb 8th, 2021, 11:56:55hrs
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SKF

New Delhi: SKF India on Friday reported a nearly twofold growth in its net profit for the quarter ended December at Rs 128.11 crore.

During the same period of the last fiscal, the company had reported a net profit of Rs 65.02 crore.

The revenue from operations of the company for the period was at Rs 818.72 crore as compared to Rs 703.24 crore in the previous quarter.

SKF India Ltd Managing Director Manish Bhatnagar said: "We have responded well to a challenging operating environment with disciplined cost control and strong momentum in automotive and industrial markets. This, combined with our deep customer engagement and manufacturing prowess is helping us create new wins, drive growth and gain wallet share. With the economy on a sharp rebound, our factories are now back to pre-Covid levels."

He added that the company's financial performance was better than expectations and its revenue was up over 16 per cent and profit before tax is up by 106 per cent compared to the previous quarter.
 

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