Schaeffler India Q3 FY18 net income up

Schaeffler India Limited has posted total income of Rs 5,246 million during October-December 2017 third quarter FY18, up by 8.8%, in the same period last year. The EBT for the quarter increased to Rs 1,018 million, higher by 35.8%. The company declared a dividend of Rs 17 per share.
Total income (net) for the 12 month period (January-December 2017) increased to Rs 19,867 million, up by 6.5% than the corresponding period of 2016. The EBT increased to Rs 3,623 million, higher by 21%.

On a pro-forma basis, the twelve months’ (Jan-Dec 2017) consolidated total income stood at Rs 40,216 million, higher by 10.8 %.

“In a year that had challenges like GST implementation, lingering impact from demonetization and new emission standards for commercial vehicles, company delivered solid results. Revenue grew by 6.5% for the year and on account of good sales mix, stable foreign exchange and operational efficiencies, EBT grew faster by 21%. The year was made memorable by the announcement made in August, of merging the Schaeffler Group’s unlisted entities INA Bearings India Pvt Ltd and LuK India Pvt Ltd with Schaeffler India Ltd. The merger is progressing as planned and is expected to be closed by Q3, 2018,” said Dharmesh Arora, Managing Director, Schaeffler India.

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