SKF India Q1 net profit turns around to Rs79.12cr on doubling of revenues and inventory efficiency gains

SKF India reported 130.23% increase in total revenues for the Jun-21 quarter on consolidated basis at Rs693.53cr

Jul 24, 2021 01:07 IST India Infoline News Service

SKF India reported 130.23% increase in total revenues for the Jun-21 quarter on consolidated basis at Rs693.53cr. On a sequential basis, revenues were down -18.17% compared to Rs847.53cr revenues in Mar-21.

The COVID 2.0 had a sizable impact on the revenues in the Jun-21 quarter. Being in the bearings business, the demand for the products are largely industrial and institutional in nature. That saw a sharp turnaround on a yoy basis, although on a sequential basis, the lockdowns disrupted the demand for bearings.

Net profit for the Jun-21 quarter turned around to net profit of Rs79.12cr compared to a very marginal net loss in the Jun-20 quarter. The raw material costs were sharply up more than 3.5 times on a yoy basis on account of the global surge in prices of industrial inputs.

However, this was offset by inventory efficiency gains in the quarter. Net margins at 11.41% for Jun-21 quarter was lower than 12.37% in the sequential Mar-21 quarter.


Financial highlights for Jun-21 compared yoy and sequentially


SKF India
Rs in Crore Jun-21 Jun-20 YOY Mar-21 QOQ
Total Income (Rs cr) ₹ 693.53 ₹ 301.24 130.23% ₹ 847.53 -18.17%
Net Profit (Rs cr) ₹ 79.12 ₹ -0.25 N.A. ₹ 104.87 -24.55%
Diluted EPS (Rs) ₹ 16.00 ₹ 0.10 ₹ 21.20
Net Margins 11.41% -0.08% 12.37%

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