New Delhi: In Q1FY24, SKF India recorded an increase in operating revenue of 9% YoY to Rs 1149.6 crore from Rs 1054.7 crore in the corresponding period of the previous fiscal year. A stable price mix and realization drove a substantial revenue increase.
After deducting Income Tax Expenses, its profit has come in at Rs 154.53 crore, up 26 per cent from Rs 122.35 crore in Q1FY23, on the improved mix, lower cost level and portfolio management.
The company is betting on localization and creating value for its employees, environment and communities. It is investing in employees to help them acquire new skills. Further, the targets decarbonizing operations by 2030, and aims for a net zero supply chain by 2050.
Manish Bhatnagar, Managing Director, SKF India said, “Our focus on portfolio management and higher price realization helped us offset inflationary pressures. Given our focus on strong cash flow momentum and driving operational efficiency, we remain well prepared for further profitable growth in the upcoming quarters. Looking ahead, we are confident that the continued execution of our intelligent and clean growth strategy will help us sustain the growth momentum.”
