SKF India, leading technology and solutions provider of bearings, today reported net profit of Rs 208.49 crore for 2011, as against Rs 177.02 crore in the previous year.
The net sales were Rs 2,416.72 crore, as against Rs 2,068.41 crore in 2010, a growth of 17% over the previous year, SKF said.
The company's net profit declined 8.13% to Rs 40.36 crore in the fourth quarter (Q4), as against Rs 43.93 crore in the same period of 2010.
The net sales jumped from Rs 536 crore (Q4, 2010) to Rs 593 crore in Q4 of 2011.
Earning per share at the end of the year is Rs 39.5 compared to Rs 33.6 in the previous year.
The board of directors have also recommended a dividend of 75% for the year 2011.
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"It has been a challenging year for the economy. The rising input costs, rupee depreciation and high interest rates put pressure on the company's margins. Under these circumstances the company recorded a steady performance and was able to achieve Rs 200 crore net profit in 2011," SKF India Managing Director Shishir Joshipura said.
"We will continue our investment plans in accordance with the country's medium- and long-term growth outlook. SKF India will continue to focus on providing value added and efficient solutions to customers to support their growth plans," he said.
The company has drawn up capital expenditure of Rs 100 crore for 2012 towards its expansion plans and it will be financed through its internal accruals, he added.
The company's exports slowed in 2011.
"Our exports has slowed down in 2011 due to slowing down of European and American economy, where it exports. The company has registered exports of 9% of sales in 2011, Joshipura said.
SKF India makes bearings, seals, mechatronics and lubrication systems. It has manufacturing plants in Bengaluru, Pune and Haridwar.