SKF Bearings net rises on the back of other income - Views on News from Equitymaster

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  • Oct 27, 2000 - SKF Bearings net rises on the back of other income

SKF Bearings net rises on the back of other income

Oct 27, 2000

SKF Bearings, sales grew by 10.7% to Rs 954 m for the 3QFY01. This is commendable when other auto ancillary companies have seen flat sales growth as the automobile industry as a whole is witnessing a slowdown. As expenditure went up by only 5.1% during this period, its operating margins improved from 15.1% in the 3QFY00 to 19.4% in the 3QFY01.

(Rs m)3QFY003QFY01Change
Sales 862 954 10.7%
Other income 27 24 -11.1%
Expenditure 732 769 5.1%
Operating profit (EBDIT) 130 185 42.3%
Operating profit margin (%)15.1%19.4% 
Interest 75 75 0.0%
Depreciation 116 101 -12.9%
Profit before Tax-3433-197.1%
Other adjustments-239 
Tax-451 
Profit after Tax/(Loss) (30) 221 -836.7%
Net profit margin (%)-3.5%23.2% 
No. of Shares (eoy) (m) 2.5 2.5  
Diluted number of shares 2.5 2.5  
Diluted Earnings per share*-47.6350.8 
*(annualised)   

The margins in the 3QFY01 have also improved as compared to the previous year mainly due a strike in their Bangalore plant for a period of 55 days in the previous year.

Its net profit has showed a recovery to Rs 221m in the 3QFY01, mainly due to extraordinary gains due to sale of the company's property and partly due to better overall performance.

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