Schaeffler India has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.
Total operating expenditure for the period under review added up to Rs 1,514 crore, up 9.8% YoY. This was primarily on account of higher raw material costs (up 8.7% YoY), higher other expenses (up 9.8% YoY) and higher employee costs (up 6.9% YoY).
The company recorded 17.5% YoY rise in interest costs and 6.1% YoY increase in depreciation charges in Q4 FY24.
Profit before tax in Q4 FY24 stood at Rs 305.64 crore, up by 3.9% from Rs 294.12 crore in Q4 FY23.
For FY24, Schaeffler has recorded net profit and revenues of Rs 912.50 crore (up 5.1% YoY) and Rs 7,226.13 crore (up 5.2% YoY), respectively.
Harsha Kadam, managing director, said: Year 2024 started well for us as we registered a strong YoY growth in our domestic business. Margins for the quarter remained resilient despite seasonality in some of our sectors.
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With a good rebound in our intercompany exports for the quarter, we remain cautiously optimistic of the challenging and volatile macro economic environment.
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 also has the largest after-market networks serving the industrial and automotive customers.
The scrip fell 1.25% to currently trade at Rs 3232.25 on the BSE.
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