SKF India posted its net profit for the first quarter ended March 2011 amounted to Rs 61 crore, showing a growth of 40% over the corresponding quarter of the previous year.
Net sales for the first quarter ended March 2011 amounted to Rs 628.1 crore with a growth of 25% over the corresponding quarter of the previous year.
Earnings per share at the end of first quarter (not annualised) is Rs 11.6 as compared to Rs 8.3 for the corresponding quarter last year.
The board also approved the sale of assets used in the business of textile machinery components. The turnover of the said business during 2010 was Rs 21.4 crore.
Shishir Joshipura, managing director, said “Our first quarter performance has registered a strong growth across the automotive and industrial sectors. Capacity enhancement undertaken last year coupled with ongoing capacity expansion within the existing facilities and manufacturing excellence programs have helped us achieve volume growth and better operational efficiencies. We expect to grow in line with market growth and continue to build upon our leadership position."
The firm's shares closed down 3.25% at Rs 610.2 on the Bombay Stock Exchange that closed down 2.44%.
