Schaeffler India net profit grows 21% in October-December 2022 to ₹231 cr
1 min read . Updated: 16 Feb 2023, 10:25 PM IST
PremiumThe revenue from operations for the quarter under review grew by 17.8per cent to ₹1,794.70 crore as against ₹1,523.22 crore in the same quarter of 2021.
Industrial and automotive parts maker Schaeffler India on Thursday reported a rise of 21 per cent in net profit at ₹231 crore in the fourth quarter of 2022.
The company had posted a net profit of ₹190.64 crore in the same quarter of the preceding calender year, according to a regulatory filing. Schaeffler India follows the calendar year (January-December period) for financial reporting.
The revenue from operations for the quarter under review grew by 17.8per cent to ₹1,794.70 crore as against ₹1,523.22 crore in the same quarter of 2021.
During the year 2022, the company's net profit stood at ₹879.20 crore from ₹629.12 crore in the year earlier, registering a growth of 40 per cent, as per the filing.
Total revenue from operations during the reporting year was ₹6,867.42 crore as compared to ₹5,560.51 crore in 2021.
"Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings, while navigating the headwinds in a highly volatile environment," said Harsha Kadam, Managing Director, Schaeffler India.
The earnings for the full year of 2022 were aided by trajectory of wins across the company's businesses and focus on operational efficiency, he said.