SKF India surged 5.52% to Rs 691.60 at 11:39 IST on BSE after net profit surged 50.3% to Rs 48.39 crore on 15.2% growth in net sales to Rs 591.17 crore in Q4 December 2013 over Q4 December 2012.
The Q4 result was announced after market hours on Friday, 21 February 2014.
Meanwhile, the S&P BSE Sensex was up 26.41 points or 0.13% at 20,727.16.
On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 17,455 shares in the past one quarter.
The stock hit a high of Rs 711 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 665 so far during the day. The stock had hit a 52-week low of Rs 432.05 on 8 August 2013.
The stock had outperformed the market over the past one month till 21 February 2014, surging 4.19% compared with Sensex's 2.59% fall. The scrip had also outperformed the market in past one quarter, jumping 6.58% as against Sensex's 2.33% rise.
The mid-cap company has equity capital of Rs 52.73 crore. Face value per share is Rs 10.
SKF India's net profit declined 12.3% to Rs 166.72 crore on 1.9% growth in net sales to Rs 2246.44 crore in the year ended 31 December 2013 (FY 2013) over the year ended 31 December 2012 (FY 2012).
The profit after tax (PAT) of Rs 166.72 crore in FY 2013 is after absorbing an expenditure of Rs 22.10 crore incurred as VRS compensation which has been disclosed as an exceptional item, SKF India said in a statement.
Commenting on the company's financial performance, Mr. Shishir Joshipura, MD, SKF India said, "2013 was challenging year on several fronts. Steep depreciation of Rupee, high interest rates and persistent inflation coupled with subdued industrial activity demanded a differentiated response from leaders. Our focused efforts at enhancing delivered value to our customers and improving operational efficiencies enabled us to deliver a steady performance and strengthen our leadership position".
SKF India's board of directors at its meeting held on Friday, 21 February 2014, inter alia has decided to recommend a dividend of Rs 7.50 per share for the year ended FY 2013.
SKF India is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services, which include technical support, maintenance and reliability services, engineering consulting and training.
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