SKF Q3 net profit dips 15% to Rs 50 crore

Bearings maker SKF India has reported a 14.68% decline in its net profit at Rs 50.04 crore for the third quarter ended September 30.

The company had posted a net profit of Rs 58.65 crore during the same period of the previous fiscal.

Net sales of the company also declined to Rs 591.54 crore during the third quarter, as against Rs 603.80 crore during the same period of previous fiscal, SKF India said in a statement.

SKF India Managing Director and Country Head, Shishir Joshipura said the challenges in the market remained unaltered with persisting liquidity crunch and depressed demand.

"Under this situation, SKF has continued to work closely with customers to find innovative solutions to enhance our offered value," he added.

The company's board has approved to change the financial year of the company from January-December to April-March in line with provision of the new Companies Act, 2013.

SKF India currently follows January-December fiscal.

The firm's shares were trading at Rs 1,285.75 on BSE in the afternoon trade, up 2.24% from previous close.