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- Apr 24, 2001 - Low demand effects SKF Bearings's 1QFY02 net
Low demand effects SKF Bearings's 1QFY02 net
SKF Bearings, a leading player in the auto ancillary segment has reported a net profit of Rs 17 m for 1QFY02 , a decline of 50% YoY. The main reason for this is an overall slowdown in the automobile segment which has depressed both OEM as well as replacement demand. Though the company did feel an improvement in demand from certain OEM segments in this quarter, replacement demand continued to decline.
| (Rs m) | 1QFY01 | 1QFY02 | Change |
| Sales | 923 | 842 | -8.8% |
| Other income | 24 | 46 | 91.7% |
| Expenditure | 735 | 725 | -1.4% |
| Operating profit (EBDIT) | 188 | 117 | -37.8% |
| Operating profit margin (%) | 20.4% | 13.9% | |
| Interest | 72 | 47 | -34.7% |
| Depreciation | 102 | 92 | -9.8% |
| Profit before Tax | 38 | 24 | -36.8% |
| Other adjustments | 0 | 35 | |
| Tax | 4 | 42 | |
| Profit after Tax/(Loss) | 34 | 17 | -50.0% |
| Net profit margin (%) | 3.7% | 2.0% | |
| No. of Shares (eoy) (m) | 2.5 | 2.5 | |
| Diluted number of shares | 2.5 | 2.5 | |
| Diluted Earnings per share* | 54.0 | 27.0 | |
| *(annualised) | |||
As a result the company's net sales dipped by 8.8% to Rs 842 m in 1QFY02. Even though the company has managed to contain its overall costs by reducing staff and raw material expenses, its operating margins have declined from 20.4% in 1QFY01 to 13.9% in 1QFY02 resulting in a 38% drop in operating profits to Rs 117 m in 1QFY02.
The company's net profit decline would have been worse off had it not been for a 92% increase in other income as well as extraordinary gains due to sale of the company's property and reversal of costs related its VRS as they had provided extra provisions for this in 4QFY01.
On the current price of Rs 308, SKF Bearings is trading at 11.4xFY01 EPS of Rs 27.
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