SKF India gains over 11% after strong growth in Q4 net profit

SKF India shares hit a high of ₹5,100 per share, up by 11.56% from the previous close, on NSE. The stock has rebounded more than 21% from its 52-week low of ₹4,024.50 per share hit on March 13, 2024.

More than 5 lakh shares of the company traded on NSE. The turnover was ₹264 crore.

SKF India posts 43% jump in Q4 profit, announces dividend

The company reported a nearly 43% year-on-year rise in profit after tax (PAT) to ₹175.2 crore for the March quarter of 2023-24 compared to ₹122.9 crore in the March quarter of FY2022-23.

SKF India posted a 9.89% rise in revenue from operations to ₹1203.4 crore for the March quarter of FY24 compared to ₹1094.69 crore in the same period of last year.

Its EBITDA rose by 27.8% to ₹213.34 crore in the March quarter compared to ₹166.92 crore in the year-ago period.

For the full fiscal FY24, the company reported a 5% growth in net profit to ₹552 crore compared to ₹524.88 crore in the previous financial year.

Revenue from operations rose by 6% to ₹4,570 crore in 2023-24 compared to ₹4,304.90 crore in the previous financial year.

SKF India announces ₹130 per share dividend for FY24

The board of SKF India has recommended a final dividend of ₹130 per equity share for the financial year ended March 31, 2024. The company had announced a dividend of ₹40 per share for FY23.

SKF India, a leading ball bearing, seals and lubrication solutions manufacturer, provides industrial-engineered solutions to automotive and other sectors. It has six manufacturing facilities in India and a supplier network of over 300 distributors.