SKF India Q1 profit after tax at Rs.366.60 million, to invest Rs.150 crores in new plant at Uttarakhand

SKF India Ltd has announced the Unaudited results for the quarter ended March 31, 2007. The Company has posted a net profit of Rs 366.60 million for the quarter ended March 31, 2007 as compared to Rs 225.20 million for the quarter ended March 31, 2006. Total Income has increased from Rs 2981.20 million for the quarter ended March 31, 2006 to Rs 3614.70 million for the quarter ended March 31, 2007.

The company has announced that it would be investing over Rs 150 crores towards the development of a new manufacturing site in Haridwar, Uttarakhand.

Situated over an area of 40,000 sq.mtrs, the new bearing factory is likely to increase the existing ball bearing capacity by more than 1/3rd fuelling the growing demand in the booming automotive and other key manufacturing sectors. The state of the art plant will be operational in March 2008 and is likely to employ over 300 people.

Commenting on the occasion Mr. Rakesh Makhija, Managing Director of the Company said, "We are very positive about the economic development in the country. Uttarakhand is an emerging industrial hub within the country. SKF’s strategic move to increase production capacity through the Haridwar plant signifies our commitment not only to serve our customers effectively but also reinforces our leadership position in the Indian Subcontinent."

The stock closed the day at Rs.370.65, down by Rs.9.55 or 2.51%. The stock hit an intraday high of Rs.385.50 and low of Rs.362.10. The total traded quantity was 91206 compared to 2 week average of 52038.

Source : Equity Bulls

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