Mumbai, April 18, 2018
Leading industrial and automotive supplier, Schaeffler India Limited announced that the Board of Directors approved the results for the first quarter ended March 31, 2018.
From January to March 2018 the total income (net) for the quarter increased to Rs 5,458 million, higher by 14.5 per cent than the corresponding quarter of 2017. EBT for the quarter increased to Rs 981 million at 18 per cent to total income (net) which is in line with the corresponding quarter of 2017.
Further to the merger scheme announced on August 30, 2017 by the Board of Directors of INA Bearings India Pvt Limited, LuK India Pvt Limited and Schaeffler India Limited, Schaeffler India Limited also published the consolidated results on a pro-forma basis for the three companies. On a pro-forma basis, the quarterly (January to March 2018) consolidated total income (net) stood at Rs 11,130 million, higher by 16.5 per cent compared to the corresponding period of 2017.
Commenting on the results and financial performance of Schaeffler India Limited, Dharmesh Arora, Managing Director, said, “As the economy gathers momentum, we have witnessed all round growth in the quarter one of 2018. Our business both in automotive and industrial sectors delivered good results and we expect the growth trajectory to continue. It seems like the impacts from GST implementation are behind us.”