Home-grown bearing manufacturer SKF India recorded a net profit of INR 104.68 crore in Q4 FY21, up 39% from the INR 75.34 crore it generated in the corresponding period in the previous fiscal.
In terms of revenue, the company, which also manufactures seals and lubrication products, recorded a 38% growth to close at INR 847.53 crore, when compared to INR 610.21 crore in the same quarter a year ago, the company said in a statement.
The PBT stood at INR 138.9 crore, up by 51.1%.
Manish Bhatnagar, Managing Director, SKF India commented said the company is pleased with its performance this quarter, achieving a 38.9 % increase in revenue and a 51.1 % increase in PBT year-over-year. “As we look to expand our earnings potential, we will continue to focus on the execution of our growth strategy and deep engagement with our customers and suppliers,” he said.
On the current year outlook, Bhatnagar said he expects spending and activity levels to gain momentum through the year as the macro environment improves. “We remain focused on supporting our customers, staying disciplined on our strategic priorities, improving operating efficiencies and optimising costs through digitisation efforts, faster execution and most importantly, investment in our people’s capabilities to create long-term value for all our stakeholders,” he said.
With the country going through a ferocious second wave of COVID, the scale of which has not been seen before, SKF India is doing everything it can, including vaccination drives and setting up of COVID care centres, to ensure employee safety and well-being, the release claimed.