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Schaeffler India Limited announces Q3 results for the period ended September 30, 2020

Posted On: 2020-10-28 05:44:24

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 and nine months, ended September 30, 2020.

July - September 2020 (Third quarter)

- Total revenue from operations (net) for the quarter (Q3) was INR 11,207 million, higher by 155.3% than the preceding quarter and 8.3% higher than the corresponding quarter of 2019. Revenue from operations (Net) for the quarter, grew by 20.7% compared to Q1 2020 (pre lockdown period).

- PBT (before exceptional items) for the quarter (Q3) was INR 1,527 million, higher by 369.7% than the preceding quarter and 32.4% higher higher than the corresponding quarter of 2019. PBT (before exceptional items) for the quarter, grew by 38.7% compared to Q1 2020 (pre lockdown period).

- Net Profit margin for the quarter stood at 10.1%.

January - September 2020 (Nine Months)

- Total revenue from operations (net) for the nine months period was INR 24,881 million, lower by 25.2% than the corresponding period of 2019.

- PBT (before exceptional items) for the period was INR 2,062 million.

Commenting on the results and financial performance of the Company, Mr. Harsha Kadam, Managing Director, said, "We continue to witness green shoots of recovery, across various sectors as the economy starts to crawl back to normalcy. However, we are still not out of the woods. During the quarter, both our Automotive and Industrial segments have shown resounding performance, responding to strong demand from certain segments, especially the tractor, passenger vehicle, industrial distribution and wind sectors. We continue with our efforts aimed towards responding to crisis with agility and ensuring business continuity with a cautiously optimistic outlook. We have managed to weather the storm and demonstrated that our fundanmentals are strong."

Shares of Schaeffler India Ltd was last trading in BSE at Rs.3687.45 as compared to the previous close of Rs. 3703.45. The total number of shares traded during the day was 100 in over 59 trades.

The stock hit an intraday high of Rs. 3748.05 and intraday low of 3621. The net turnover during the day was Rs. 370403.

Source: Equity Bulls

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