Pune, October 21, 2019 : 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, 2019.
July– September 2019 (Third quarter)
· Total revenue from operations (net)for the quarter was INR 10,352 million, lower by 7.3% than the preceding quarter and 13.1% lower than the corresponding quarter of 2018.
· PBT (before exceptional items) for the quarter was INR1,154 million, lower by 13.0% than the preceding quarter and 35.3% lower than the corresponding quarter of 2018.
January – September 2019
· Total revenue from operations (net) for the nine months period was INR 33,242 million, lower by 1.5% than the corresponding period of 2018.
· PBT (before exceptional items) for the nine months period was INR 4,105 million, lower by 20.8% than the corresponding period of 2018.
Commenting on the results and financial performance of Schaeffler India Limited, Mr. Harsha Kadam, Managing Director, said, “The economic growth continues to face headwinds and the current quarter witnessed further deceleration. While the government’s efforts to revive the growth momentum is evident and the policy rate cuts, fiscal stimulus provide some respite to the corporates, the investment climate and the consumer sentiments remain tepid. The expected turnaround in automotive industry during festive season has not been realized. We could avoid significant impact on sales, with a balanced portfolio in Automotive and Industrial business, while effectively flexing costs during the quarter. A quick turnaround of the growth momentum is not anticipated, we continue to draw up measures to stretch ourselves in terms of improving cost structure, preparing organization for the future and scale up our operations as the market improves”.
About Schaeffler India Limited
Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 19 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 45.6 billion in 2018 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.
