SKF India declares its financial results for Q1 FY 20-21

The Board of Directors of SKF India Limited, India's leading technology and solutions provider of bearings and units, seals, lubrication, condition monitoring and services, today approved the unaudited financial results for the first quarter ended June 30, 2020.

The financial highlights are as given below:

- The Revenue from operations of the Company for the period was at Rs.3,012.4 million as compared to Rs 6,102.1 million in the previous quarter.

- The Profit After Tax for the period was a loss of Rs.2.5 million compared to profit of Rs.753.4 million during the previous quarter.

Manish Bhatnagar, Managing Director, SKF India commented, "T he past quarter has been one of the most challenging in our history with nationwide lockdowns and zero production for over 50 days. June brought in some green shoots, but it was short-lived with ongoing regional lockdowns. As a result of these lockdowns, our revenue for the quarter was down 49% compared to the prior quarter. During the quarter, we stayed focused on these priorities: customers, suppliers, employees and our communities. By virtually collaborating with customers, we won significant orders for our Rotating Equipment Performance (REP) offerings in the industrial sector, thus proving the longterm potential of these new performance-based business models.

We partnered with our suppliers every step of the way to ensure their safety protocols, financial viability and labour availability, thereby allowing them to ramp up at the same pace as our factories when we started operations. To ensure safety and well-being of our employees, we took several actions including following all mandatory guidelines and protocols. To build resilience to our cash flows, we continued to focus on cost avoidance and cash preservation. And finally, we worked tirelessly within our local communities to support healthcare workers and migrant labourers. As a result of these focused actions and the resourcefulness of our people, we believe we are well-poised to recover quickly and decisively when the economy starts to return to normalcy."

Shares of SKF India Ltd was last trading in BSE at Rs.1570 as compared to the previous close of Rs. 1565.9. The total number of shares traded during the day was 3521 in over 680 trades.

The stock hit an intraday high of Rs. 1572.2 and intraday low of 1542.8. The net turnover during the day was Rs. 5504838.

Source : Equity Bulls

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