Industrial and automotive component supplier Schaeffler India on Wednesday reported a 76 per cent year-on-year growth in net profit at Rs 225.75 crore in the April-June quarter of this year.
In the same quarter of the previous year, the company’s net profit stood at Rs 128.13 crore, as per the regulatory filing.
The company follows the January-December financial year in its accounting system.
Revenue from operations for second quarter of calender year 2022 was Rs 1,748.8 crore, up 41.8 per cent from Rs 1,232.89 crore achieved in the June quarter of CY2021.
During the reporting quarter, the company said it executed the business transfer agreement with CATENSYS India for the sale of the chain drive business.
“The growth momentum is backed by our diversified portfolio and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure,” said Harsha Kadam, Managing Director, Schaeffler India.
“We are cognizant of the dynamic yet challenging market conditions,” he added. PTI IAS HVA
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact firstname.lastname@example.org
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail. And do not miss out on the Introductory Offer!!