Auto component maker SKF India on Wednesday reported a 63 per cent increase in its consolidated profit after tax at Rs 129.12 crore in the April-June quarter of the current financial year.
SKF India had recorded a consolidated PAT (Profit After Tax) of Rs 79.12 crore in the same quarter of the previous fiscal, according to a company statement.
The revenue from operations rose 52 per cent to Rs 1,054.70 crore in the first quarter of FY23 as compared to Rs 693.5 crore in the year-ago period.
SKF India delivered this growth amidst a challenging cost and operating environment, company’s managing director Manish Bhatnagar said in the statement.
“We continued to make progress on our growth strategy, prioritising high-growth business segments. While the operating environment remains volatile, strong demand and pricing actions enabled us to mitigate macro headwinds,” he said.
Addressing the inflationary environment and advancing the company’s strategy will require further pricing actions and ongoing cost controls over the year, he added.
“Looking ahead, we remain well-positioned to further capitalise on the growth opportunities and accelerate progress across targeted high-growth business segments. The operating macroeconomic environment looks uncertain, but delivering growth remains our priority.
“Against this backdrop, we will continue to enhance our productivity and sharpen our cash flow momentum to deliver improved margins and create long-term value for all our stakeholders,” Bhatnagar added. PTI IAS HVA
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