Latest News | SKF India Q4 Net Profit Rises 12 Pc to Rs 122 Cr

Mumbai, May 17 (PTI) Auto parts maker SKF India on Wednesday reported a 12 per cent increase in consolidated Profit After Tax (PAT) at Rs 122.93 crore in the March 2023 quarter.

The Pune-based company had posted a profit of Rs 109.48 crore in Q4 of FY22, as per a statement.

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The revenue from operations in the fourth quarter of FY23 grew 5 per cent to Rs 1,094.70 crore from Rs 1,039 crore in the year-ago period, SKF India said.

"We were successful in delivering higher price increases in the last quarter, helping us offset inflationary pressure. Stable manufacturing costs and a normalising supply chain, combined with our strong portfolio management capabilities, along with a disciplined cost approach have helped us improve profitability and cash flow," said Manish Bhatnagar, Managing Director at SKF India.

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He also noted that despite a challenging operating environment, demand remains strong for the company's products across businesses.

"With supply chain pressures gradually improving, we will further continue to sharpen our cash flow momentum, while maintaining our focus on operational improvements and productivity enhancements to sustain through this dynamic period," Bhatnagar said.

(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)