2017 October 25, 10:00 IST
The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the unaudited financial results for the quarter ended September 30, 2017.

The financial highlights are as given below:

Net Sales for the first quarter ended September 30, 2017 amounted to INR 6798.1 million as compared to Rs 7125.1 million for the second quarter of the previous year. Revenue from operation for the quarter ended 30th September 2017 is net of GST whereas the revenue for the quarter ended 30th June 2017 and quarter ended 30th September 2016 is inclusive of excise duty and hence the revenue from operations for these periods are not comparable.
The Profit after tax for the second quarter ended 30th September 2017 amounted to INR 739.6 million (602.6 million) registering a growth of 22.7% over the corresponding quarter of the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director and Country Head, SKF India said,

"The quarter saw roll out of much awaited GST reform and business adjusted to this major change with some initial challenges. The transition time impacted the business growth adversely with some temporary loss if momentum. A favorable mix of business coupled with Innovation driven approach yielded constructive growth in under-served segments. We are confident of a recovery of business cycle in mid-term as business overcomes the initial challenges posed by GST implementation.