SKF India standalone PAT rises to Rs 154.53 cr in Jun qtr

Mumbai: Bearings maker SKF India on Wednesday said it has recorded a 20 per cent growth in its standalone Profit After Tax (PAT) at Rs 154.53 crore in three months ended June 2023.

The company had reported a standalone PAT of Rs 129.18 crore in Q1FY23, SKF India said in a statement.

Revenue from operations during the quarter was at Rs 1,149.6 crore as compared to Rs 1,054.7 crore in the same period a year ago, it said.

"We reported yet another quarter of impressive growth, achieving a 9 per cent increase in revenue and an 18 per cent increase in PBT year-over-year. Our focus on portfolio management and higher price realisation helped us offset inflationary pressures," Manish Bhatnagar, Managing Director of SKF India Ltd, said.

Given the company's focus on strong cash flow momentum and driving operational efficiency, "we remain well prepared for further profitable growth in the upcoming quarters", he said.

"Looking ahead, we are confident that the continued execution of our intelligent and clean growth strategy will help us sustain the growth momentum," he added.