SKF India Q1 results: Co posts net profit at Rs 79 crore
<p style="text-align: center;"><img src="/ueditor/php/upload/image/20210726/1627286798131470.png" title="1627286798131470.png" alt="3.png"/></p><p>Swedish auto and industrial component maker SKF India on Friday reported a net profit of Rs 79.12 crore for the June 2021 quarter. The company had posted a net loss of Rs 25 lakh in the corresponding quarter of the last financial year, SKF India said in a statement.<br/><br/>Its total income during April-June 2021 stood at Rs 699.94 crore, against Rs 316.51 crore recorded in the year-ago period.<br/><br/>April-June 2021 was a tough quarter for the economy due to the "catastrophic" second wave of COVID-19 in the country, the company's Managing Director Manish Bhatnagar said.<br/><br/>"While the quarter witnessed volatile price and availability challenges on steel and logistics, we have been disciplined in our approach to ensure that this inflationary impact is either eliminated or minimised to reduce the need for price increases to customers," said Bhatnagar.<br/><br/>SKF India continues to focus on putting its customers and employees first and exercise a strong cost discipline across business operations, he said.<br/><br/>"Our financial results, despite the challenges, are commendable with strong gains year-on-year.<br/><br/>"We delivered a 130 per cent revenue growth... This strong performance reflects the strong resilience and a winning spirit of our people," Bhatnagar said.<br/><br/>The COVID-19 response at SKF India Ltd is firmly focused on the well-being of both its employees and business, he said.<br/><br/>"We are doing everything we can to ensure the safety and health of all our employees, partners and other stakeholders," Bhatnagar added.</p>
26 Jul,2021
