SKF reports 51% growth in Q4 profit
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Amidst the pandemic, bearings major SKF India has reported a smart 51 per cent growth in its profit during the fourth quarter period of FY21 ending March 31, 2021.
It's profit before tax in the January-March quarter surged to 138.7 crore as compared to Rs 91.8 crore in the same period of previous year as per the unaudited financial results for the period.
The revenue from operations of the company for the period also grew to Rs 8,47.53 crore as compared to Rs 610. 21 crore in the previous year.
"We were pleased with our performance this quarter, achieving a 38.9 % increase in revenue and a 51.1% increase in PBT year-over-year. As we look to expand our earnings potential, we will continue to focus on the execution of our growth strategy and deep engagement with our customers and suppliers," said Manish Bhatnagar, Managing Director SKF India Limited.
"Our country is going through a ferocious second wave of COVID, the scale of which has not been seen before. We're doing everything we can including vaccination drives and setting up of COVID care centers, to ensure employee safety and well-being. We expect spending and activity levels to gain momentum through the year as the macro environment improves."
SKF offers solutions around the rotating shaft, including bearings, seals, lubrication, condition monitoring, and maintenance services. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide.
