Schaeffler India Q1 PAT up 48% YoY

27 Apr 2022 , 09:21 AM

On the segmental front, Automotive Technologies business grew by 6.1% YoY, Automotive Aftermarket by 15.5% YoY, Industrial by 21.7% YoY and Exports & others by 61.4% YoY during the period under review.

EBIT improved by 52.4% to Rs 260.2 crore in Q1 CY2022 from Rs 170.8 crore in Q1 CY2021. EBIT margin was 16.6% in Q1 CY2022 as against 13% in Q1 CY2021

Profit before tax for Q1 CY2022 was Rs 277.2 crore, 49% higher than the corresponding quarter last year.

Harsha Kadam, managing director, said, ?Year 2022 started well for us, despite the headwinds from rising inflation and emerging geopolitical situation. Our balanced business portfolio with traction in our exports segment helped us continue the momentum.

We delivered resilient margins despite the ongoing market challenges on the back of our sustained countermeasures and improved business mix.?

Schaeffler is among the largest industrial and automotive supplier. With 3 well-known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India.

The scrip shed 0.25% to currently trade at Rs 2094.85 on the BSE.

Shares of Schaeffler India advanced 2.10% at the opening to hit a 52-week high of Rs 2,144.25 in trade today.

In the past six months, the stock has gained 44.92% while the benchmark Sensex has lost 6.95% during the same period.

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