SKF India - Q1FY22 First Cut - ICICI Direct

(CMP : Rs. 2762 MCap: Rs. 13658 crore)

SKF's Q1FY22 performance was a beat to our estimates on all parameters. Key highlight for the quarter was superior gross margin led by inventory gains.

Q1FY22 earnings summary

- Revenue for the quarter came in at Rs. 693.5 crore (I-direct estimate of Rs. 638.3 crore), up 130.2% YoY and down 18.2% QoQ

- Gross Margin came in at 45.4% vs 39% YoY & 41.1% QoQ. Further, EBIDTA margins came in at 16.4% vs 17.5% QoQ. Absolute EBIDTA came in at Rs. 113.8 crore (I-direct estimate of Rs. 85.2 crore), down 23.3% QoQ

- Employee cost increased 19.8% YoY & 5.3% QoQ. Other expenses increased 117.5% YoY & declined 1.5% QoQ

- Ensuing PAT came in at Rs. 79.1 crore (I-direct estimate of Rs. 56 crore). Tax rate for the quarter stood at 25.2%

Shares of SKF India Ltd was last trading in BSE at Rs. 2740.7 as compared to the previous close of Rs. 2718.3. The total number of shares traded during the day was 12323 in over 2720 trades.

The stock hit an intraday high of Rs. 2855.7 and intraday low of 2683.95. The net turnover during the day was Rs. 34068265.

Source : Equity Bulls

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