Schaeffler India jumped 4.88% to Rs 5435 after the company reported 78.1% jump in net profit to Rs 139.54 crore in Q1 March 2021 from Rs 78.35 crore in Q1 March 2020.
Net sales during the quarter increased by 41.8% year-on-year (YoY) to Rs 1,316.82 crore. Profit before tax (PBT) in the first quarter stood at Rs 185.97 crore, up 69% from Rs 110.07 crore reported in the same period last year.
Commenting on the results, Harsha Kadam, managing director, said, "After a strong come back in the second half of 2020, we posted another strong quarter aided by the continued demand uptick and new business wins.
While the revenues during the quarter have been one of the best so far, rising commodity costs put pressure on margins, while we continue our focus on cost discipline.
The external scenario is quite volatile as the second wave of COVID-19 is not showing any signs of ebbing and that can potentially disrupt trade and dampen consumer spirits. We are monitoring the situation closely and we hope that the demand scenario continues its momentum."
Schaeffler India manufactures a vast range of ball bearings, engine and powertrain components and a wide range of clutches and hydraulic clutch release systems. The company has the largest after-market networks serving the industrial and automotive customers.
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