SKF India Ltd's Q1FY17 standalone net profit rises 29.75% yoy to Rs.60.40 crore : Beats Estimates

The company’s standalone revenue stood at Rs. 703.17 crore, up 7.1% yoy and 10.65% qoq.

July 20, 2016 3:02 IST | India Infoline News Service
SKF India Ltd, auto technology, services and solutions provider, reported standalone net profit of Rs. 60.40 crore for the quarter ended June 30, 2017, registering growth of 29.75% yoy and 16.58% qoq. The company’s revenue stood at Rs. 703.17 crore, up 7.1% yoy and 10.65% qoq.

Its standalone core operating profit of Rs. 83.65 crore for the quarter, clocked growth of 26.46% yoy but decline of 0.14% qoq. Operating profit margin for the current quarter at 11.9% expanded by 182 bps yoy but contracted by 128 bps qoq.

Result Highlights: (Rs. in crore)

Reported Results yoy % qoq%
standalone Revenue 703.17` 7.1 10.65
standalone Net Profit 60.40 29.75 16.58

Standalone EPS for the quarter stood at Rs. 11.5.

Management Commentary:

‘The economic environment has developed positively on the back of improved activity in core infrastructure sector, turnaround is primarily driven by public investment and the activity level will further strengthen as private investments picks up. We’ve invested significant resources and efforts in building and delivering value to our customers in key segments of the economy. We will continue to leverage this positive momentum and an increasingly optimistic future driven by steadily improving business sentiment.” said Mr. Shishir Joshipura, MD and Country Head, SKF India.

Stock Commentary:

SKF India Ltd is currently trading at Rs. 1376.55, down by 34.35 points or 2.43% from its previous closing of Rs. 1410.9 on the BSE.

The scrip opened at Rs. 1425 and has touched a high and low of Rs. 1432.85 and Rs. 1368 respectively. So far 75545(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7439.68 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1480 on 21-Jul-2015 and a 52 week low of Rs. 1040 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1424 and Rs. 1320 respectively.

The promoters holding in the company stood at 53.58 % while Institutions and Non-Institutions held 32.51 % and 13.91 % respectively.

The stock is currently trading below its 50 DMA.

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