Schaeffler India jumps 4% after firm reports 9.2% jump in revenue

Schaeffler India on Thursday reported a 9.2% year-on-year (YoY) rise in its operating revenue for quarter-ending March 2024 (Q1) at ₹184.92 crore. Net profit rose 3.78% during the quarter to ₹227.7 crore. Shares of the company rose over 4% on Friday.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4.89% to ₹338.8 crore during the quarter while EBITDA margin fell to 18.3% from 19.1% in the same quarter a year ago.

Profit before tax (before exceptional items) for the quarter stood at ₹305.6 crore, 3.9% higher than the corresponding quarter of 2023. PBT margin for the quarter stood at 16.5%, compared to 17.4% during the corresponding quarter of 2023.

Harsha Kadam, Managing Director at Schaeffler India said margins for the quarter remained resilient despite seasonality in some sectors. “With a good rebound in our inter-company exports for the quarter, we remain cautiously optimistic of the challenging and volatile macro economic environment. With focused efforts on financial and operating metrics, we remain committed to deliver long term value for all our stakeholders,” he said.

The company said its domestic business continued its strong growth momentum at 12.4% YoY while it also saw a rebound in exports during the quarter. It, however, remains cautiously optimistic of the challenging and volatile macroeconomic enviornment.

Schaeffler India is a motion technology company with four manufacturing sites in Pune, Savli, Maneja, and Hosur, 3 R&D centers, and 8 sales offices. In 2023, the company reported sales of ₹7,226.1 crore, supported by a team of 3,383 employees.

The company has three divisions in India – automotive technologies, vehicle lifetime solutions and bearings and industrial solutions, offering a range of products and services under the brands of FAG, INA, LuK and TruPower.

Shares of the company have gained over 6% since the beginning of the year. The stock has risen over 24% in the last one year.