Auto parts maker Schaeffler India Q2 net profit rises 5%, revenue up 5%

Industrial and automotive parts maker Schaeffler India Ltd on Wednesday, July 26, reported a 5.1 percent year-on-year (YoY) increase in net profit at Rs 237.3 crore for the second quarter that ended June 30, 2023.

In the corresponding quarter last year, Schaeffler India posted a net profit of Rs 226 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 1,829.1 crore during the period under review, up 4.6 percent against Rs 1,748.8 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA increased 6.3 percent to Rs 341.9 crore in the first quarter of this fiscal over Rs 321.6 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 18.7 percent in the reporting quarter against 18.4 percent in the year ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Profit before tax (before exceptional items) or PBT for the second quarter was Rs 318 crore, 11.3 percent higher than the corresponding quarter of 2022. PBT margin for the quarter stood at 17.4 percent, compared to 16.3 percent during the corresponding quarter of 2022.

The revenue from operations (net) for the six months period was Rs 3,522.8 crore, higher by 6.2 percent than the corresponding period of 2022. PBT for the six-month period was Rs 612.2 crore, higher by 8.7 percent than the corresponding period of 2022.

PBT margin for the six-month period stood at 17.4 percent, compared to 17 percent during the corresponding period of 2022, the company added.

Harsha Kadam, Managing Director, said, "We continued our growth momentum during the first half of 2023 despite certain macroeconomic challenges. A strong performance across our domestic businesses helped navigate the moderation in exports. Our trajectory of business wins and focussed efforts on increasing market coverage strongly aided our performance."

The results came after the close of the market hours. Shares of Schaeffler India Ltd ended at Rs 3,142.20, down by Rs 21.75, or 0.69 percent on the BSE.