Schaeffler India zooms 7% on robust June quarter show; topline grows 15%

Schaeffler India stock rallies: Shares of Schaeffler India jumped as much as 6.89 per cent to hit an intraday high of Rs 4,164.45 per share on Wednesday, July 24, 2024.

The uptick in stock price came after the company posted a strong set of second quarter of calendar year 2024 (Q2CY24) results.

Schaeffler India’s net profit rose 3.5 per cent year-on-year (Y-o-Y) to Rs 245.4 crore in the June quarter of calendar year 2024, as opposed to a profit of Rs 237.2 crore in the June quarter of calendar year 2023. 

The company’s revenue surged 15.2 per cent on an annual basis to Rs 2,106.8 crore in Q2CY24, as opposed to Rs 1,829.1 crore in Q2CY23.

 

At the operating front, earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 10 per cent on a year-on-year basis to Rs 376.3 crore in Q2CY24, as opposed to Rs 342 crore in Q2CY23.

Consequently, Ebitda margin stood at 17.9 per cent for the quarter under review, as opposed to 18.7 per cent in the same quarter last year.

First six months performance (H1CY24)

Revenue from operations (net) for the six months period was Rs 3921.2 crore, higher by 11.3 per cent than the corresponding period of 2023.

Profit before tax (before exceptional items) for the six months period was Rs 645.6 crore, higher by 5.5 per cent than the corresponding period of 2023. 

Net profit for the six months period stood at Rs 481.2 crore and net profit margin stood at 12.3 per cent compared to 13 per cent during the corresponding period of 2023. 

“Progressing further into 2024, growth accelerated for our domestic business and momentum was sustained for intercompany exports. Margins were backed by the broad-based performance across businesses and focused approach on cost management. We remain committed to deliver on our financial and operating metrics while creating long-term value for our stakeholders with an unwavering commitment to our environment, social and governance framework,” said Harsha Kadam, managing director and chief executive officer of Schaeffler India.

Schaeffler India specialises in designing, manufacturing, and distributing high-precision roller and ball bearings, engine systems, transmission components, chassis applications, clutch systems, and associated machine building manufacturing activities.

The market capitalisation of the company is Rs 64,535.44 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE 200 category.

At 1:50 PM, shares of Schaeffler India were trading 5.79 per cent higher at Rs 4,121.55 per share. In comparison, BSE Sensex was trading 0.57 per cent lower at 79,974.58 levels.