Bearings maker SKF India reports Rs 208.4 crore net profits in 2011

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(added few years ago!)

SKF India Ltd, the technology and solutions provider of bearings has announced that the company has reported net profit of Rs 208.49 crore in the year ended December 31, 2011.

The company’s net profit declined 8.13 per cent in Q4 in calendar year 2011. The board of directors has recommended a dividend of 75 per cent for the year 2011.

SKF India Managing Director, Shishir Joshipura said “It has been a challenging year for the economy. The rising input costs, rupee depreciation and high interest rates put pressure on the company’s margins. Under these circumstances, the company recorded a steady performance and was able to achieve Rs 200 crore net profit in 2011. We will continue our investment plans in accordance with the country’s medium and long-term growth outlook. SKF India will continue to focus on providing value-added and efficient solutions to customers to support their growth plans.”

The company has drawn up capital expenditure of Rs 100 crore in calendar year 2012 towards its expansion plans and it will be financed through its internal accruals, he said. The company’s exports have slowed down in 2011. Joshipura said “Our exports have slowed down in 2011 due to the slowing down of the European and American economy, where it exports. The company has registered exports of 9 per cent of sales in 2011.”

Tags : SKF India, 2011, December, Q4, 2011

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