New Delhi: Auto component maker Schaeffler India on Monday reported 4.2 per cent growth in its profit at Rs 94 crore for the third quarter ended September 30 2019. The company follows January-December calendar for the fiscal.
The company posted Rs 111.4 crore profit in Q3 2018, as per regulatory filling.
Company’s total revenue from operations (net)for the quarter was Rs 1,035 crore lower by 7.3 per cent than the preceding quarter and 13.1 per cent lower than the corresponding quarter of 2018.
PBT (before exceptional items) for the quarter was Rs 115.4 crore, lower by 13 per cent than the preceding quarter and 35.3 per cent lower than the corresponding quarter of 2018.
Commenting on the results and financial performance of Schaeffler India Limited, Harsha Kadam, Managing Director, said, “The economic growth continues to face headwinds and the current quarter witnessed further deceleration. While the government’s efforts to revive the growth momentum is evident and the policy rate cuts, fiscal stimulus provide some respite to the corporates, the investment climate and the consumer sentiments remain tepid.”
He further said that the expected turnaround in automotive industry during festive season has not been realized. “We could avoid significant impact on sales, with a balanced portfolio in automotive and industrial business, while effectively flexing costs during the quarter. A quick turnaround of the growth momentum is not anticipated, we continue to draw up measures to stretch ourselves in terms of improving cost structure, preparing the organization for the future and scale up our operations as the market improves,” Kadam added.
During January- September period, while the company’s revenue dropped by 1.5 per cent, PBT witnessed a decline of 20.8 per cent.