Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the third quarter ended September 30, 2018.
Further to the press release dated September 8, 2018, the merger of INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Limited, has become effective today. The Board of Directors of the Company at its meeting held today has taken note of the same.
July - September 2018
- Total revenue from operations (net) of the merged entity for the quarter increased to INR 11,915 million, higher by 18.7% than the corresponding quarter of 2017.
- PBT (before exceptional items) of the merged entity for the quarter increased to INR 1,782 million, higher by 20.9% than the corresponding quarter of 2017.
January - September 2018 (Nine months)
- Total revenue from operations (net) of the merged entity for the period increased to INR 33,752 million, higher by 15.9% than the corresponding period of 2017.
- PBT (before exceptional items) of the merged entity for the period increased to INR 5,180 million, higher by 19.9% than the corresponding period of 2017.
Commenting on the results and financial performance of Schaeffler India Limited, Mr. Dharmesh Arora, Managing Director, said, "The macro economic situation in the quarter witnessed some challenging trends. Increasing crude oil prices combined with appreciating US dollar pose new challenges for the economy. Similarly, hike in steel prices and import duties put pressure on cost side for manufacturing sector. We have been largely able to manage these challenges and deliver solid results. This is reflected in our stable results that were also assisted by strong order inflow. Once again, the market was led by Railways, Off Road Equipment, Commercial Vehicles and Infrastructure related sectors. We witnessed robust growth in both Automotive and Industrial businesses. With the completion of merger, we are now one of the leading Automotive and Industrial Supplier in the country. Synergizing our operations, we stand to gain from the potential offered by the Indian market".
Shares of Schaeffler India Ltd was last trading in BSE at Rs.4976 as compared to the previous close of Rs. 5064.65. The total number of shares traded during the day was 73 in over 29 trades.
The stock hit an intraday high of Rs. 5045.8 and intraday low of 4975. The net turnover during the day was Rs. 364634.