SKF India, a leading auto bearings manufacturer, reported a net profit of Rs 158.93 crore for the quarter ending June 2024, marking a 2.9% year-on-year (YoY) increase from Rs 154.42 crore in the same period last year. The company’s revenue for the June 2024 quarter stood at Rs 1,246.28 crore, up 6.3% YoY from Rs 1,172.14 crore in the corresponding quarter of the previous year.
Mukund Vasudevan, Managing Director of SKF India Limited, commented, “We continue to accelerate our strategic priorities, focusing on business growth, market share expansion, and margin optimization. The favorable market conditions and rising demand have enabled us to achieve a 5% increase in revenue and a 3% growth in profit before tax year-on-year.”
Vasudevan also highlighted the company’s commitment to its clean growth strategy, emphasizing ongoing investments in operational efficiencies and sustainable growth, as SKF transitions toward net-zero emissions. “Our focus remains on sustaining long-term momentum, maintaining a consistent strategy across the business, and creating value for all our shareholders,” he added.
Headquartered in Maharashtra, SKF India is a Tier 1 company that offers a range of products, including bearings, seals, lubrication management, condition monitoring, and services. Established in 1907, SKF operates in approximately 130 countries and has around 17,000 distributor locations worldwide, according to the press release.
