New Delhi: Auto component major Schaeffler India on Wednesday reported net profit of INR 128.1 crore for the second quarter ended June 30 2021. The company follows the January-December calendar for the fiscal.
The company posted a net loss of INR 42.4 crore in the same quarter year ago, Schaeffler India said in a regulatory filing.
The company’s total revenue from operations for the quarter was INR 1232.9 crore, higher by 180.9% than the corresponding quarter of 2020 and 6.4% lower than the preceding quarter (Q12021).
Harsha Kadam, managing director, said, “Our robust performance continued in Q2 despite the strong headwinds from Covid-19 wave-2 and input cost pressures. Our focus on countermeasures and an improved mix enabled us to sustain the performance momentum. We continue to build on our strong position, deepening our customer focus and widening our market reach. As the Covid-19 wave-2 subsides and the consumer sentiments improve, we are optimistic that the market would come back on a faster growth trajectory.“
PBT (before exceptional items) during the quarter under review was INR 170.7 crore, 401.4% more than in the corresponding quarter of 2020 and lower by 8.2% than the preceding quarter.
The company’s PBT margin for Q2 stood at 13.8%, against -12.9% during the corresponding quarter of 2020 and 14.1% for the preceding quarter.
Schaeffler India’s manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA.
The fourth manufacturing location in Hosur, Tamil Nadu, produces a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK.