The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, approved the unaudited financial results for the third quarter and nine months ended September 30, 2014.
According to a company statement, the net sales for the third quarter ended September 2014 stood at Rs. 603.8 crore, clocking a growth of 6.7% over the corresponding quarter of the previous year and 1.9% as against the immediately preceding quarter
The Profit before tax for the third quarter ended September 30 amounted to Rs 88.8 crore registering a growth of 25.8% over the corresponding quarter of the previous year and 8.5% over the immediately preceding quarter
Shishir Joshipura, Managing Director, SKF India said: “The domestic economic environment saw moderation in inflationary pressures and a near stable rupee amidst an uncertain demand recovery. The global business environment remained uncertain even as business optimism and confidence continues to improve in India. Our focused efforts at offering higher value added solutions and improving our engagement with our customers enabled us to deliver a steady performance, in a challenging business environment.”
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2013 were SEK 63,597 million and the number of employees was 48,801.
SKF Group started trading operations in India in Kolkata in 1923 and since then the Group’s operations have been consolidated into SKF India Limited. SKF India also has an associate company called SKF Technologies (India) Pvt. Ltd providing Sealing Solutions and Industrial Bearings. The company has manufacturing plants in Pune, Bangalore and Haridwar.