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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
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) | 3QFY00 | 3QFY01 | Change |
| 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 | -34 | 33 | -197.1% |
| Other adjustments | - | 239 | |
| Tax | -4 | 51 | |
| 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* | -47.6 | 350.8 | |
| *(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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