Mumbai, Apr 25 (PTI) Schaffer India on Thursday reported a 3.8 per cent year-on-year rise in net profit at Rs 227.7 crore in the January-March quarter of 2024.

The company had posted a net profit of Rs 219.4 crore during the same period a year ago.

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Schaffer India follows the January-December period as the financial year.

Revenue from operations during the reporting quarter stood at Rs 1,849.2 crore as compared to Rs 1,693.6 crore in the corresponding quarter of 2023, Schaeffler India said.

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Harsha Kadam, Managing Director, said, "Year 2024 started well for us as we registered a strong YoY growth in our domestic business. Margins for the quarter remained resilient despite seasonality in some of our sectors...

"With a good rebound in our intercompany exports for the quarter, we remain cautiously optimistic of the challenging and volatile macroeconomic environment," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)