Industrial and automotive supplier Schaeffler India announced its Q1CY23 earnings on Tuesday reporting a profit of Rs 219.4 crore for the quarter ended March 31, 2023. Its profit grew by 5.9 percent, against a profit of Rs 207.1 crore posted in the corresponding quarter last year.
The company’s revenue from operations grew 8 percent to Rs 1,693.6 crore in Q1CY23 against Rs 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.
Schaeffler India’s reported an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 314.7 crore, up 2 percent against Rs 308.4 crore. Its margin fell marginally to 18.6 percent in the first quarter against 19.7 percent reported last year.
An all round miss led by domestic industrial and exports segment is what has disappointed the street. The stock is trading 2 percent lower on the exchanges. Management is cautious on volatility and challenges in the market environment.
(Edited by : Vahishta Unwalla)
