SKF Bearings Q2 Sales Lower By 5.9%

The Board of Directors of SKF India has approved the unaudited financial results for the second quarter ended September 30, 2020. 

The financial highlights are as given below:  

• The Revenue from operations of the Company for the period was at Rs 7032.4 million as compared to Rs 3012.0 million in the previous quarter.
• The Profit After Tax for the period was Rs 650.2 million compared to the loss of Rs 2.5 million during the previous quarter. 

Manish Bhatnagar, Managing Director, SKF India Ltd. commented, “We continue to execute faster on all our strategic priorities, driving investments to grow the business, gain share and optimize margins. We have seen a very strong and significant recovery in demand as our sales and manufacturing teams work closely with customers to ensure we meet their requirements. Nothing matters more to customers in this pandemic environment than a reliable and predictable supply chain, and all SKF sites across the country have stepped up to a full production ramp-up in line with customer expectations.

The automotive segment has shown a sharp recovery and is gearing up to deliver the festive season upswing. The industrial segment has picked up steam and we have had many strategic wins with our key accounts. We remain focused on managing the business for the long-term, including driving digitalization across the full value chain, transforming our business and our ways of working.

I am extremely thankful to our teams for navigating the uncertainties and driving value for our shareholders. I am confident that our end-market diversity, broad customer base, channel reach, high-quality solutions and pioneering leadership will position SKF strongly for the long-term growth.