Schaeffler India shares drop by nearly 3% after posting lower-than-expected Q4 results Apextalk

The shares of Schaeffler India dropped by nearly 3 per cent after posting lower-than-expected Q4 results. The company’s net profit rose by 5.9 per cent to 219.4 crore for the quarter ended March 31, 2023. This is against a net profit of 207.1 crore reported in the corresponding quarter last year.

On Tuesday, the Schaeffler India’s share closed 2.91 per cent down at 2,942.50 on BSE. 

Net profit margin, however, declined 26 bps on-year to 12.95 percent for the quarter.

The company’s revenue from operations for the March quarter grew 8 per cent to 1,693.6 crore as against 1,567.5 crore posted in the same period last year. This growth was led mainly by mobility components and related solutions.

The company reports earnings in the calendar year format from January-December.

“The automotive technologies and automotive aftermarket business registered strong YoY growth. Our balanced business portfolio and focus on operational efficincies helped us to mitigate the external headwinds resulting in resilient margins,” Harsha Kadam, Managing Director of Schaeffler India, said.

Schaeffler India’s reported an earnings before interest, taxes, depreciation, and amortisation (EBITDA) was up 2 per cent to 314.7 crore,as against 308.4 crore in the corresponding quarter last year. Its margin fell marginally to 18.6 percent in the first quarter against 19.7 percent reported last year.

Automotive technologies segment registered a 21 per cent year-on-year growth at 737.7 crore and automotive aftermarket business grew by 17.4 per cent to 146.4 crore, but industrial business dropped 8.5 per cent to 536 crore for Q1-2023.

The stock was up by 44.53% in the past one year and in 2023 the scrip was up by 8.15%.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Source link

Leave a Comment

Your email address will not be published. Required fields are marked *