The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, today approved the audited annual financial results for the year ended March 31, 2017.
The financial highlights are as given below:
- The Company had changed its accounting year from the calendar year to fiscal year in 2015-16. The current accounting period of the Company covered 12 months starting from 1 April 2016 to 31 March 2017 as compared to 15 months period of Jan 2015 to March 2016 and therefore previous year figures are not directly comparable
- Net Sales for the year ended March 31, 2017, amounted to INR 28047.2 million as compared to Rs 31847.7 million in the previous year.
- The Profit after tax for the period amounted to INR 2438.9 million compared to Rs 2558.9 million during the previous year.
- The Board has recommended a dividend of Rs 10/- (100%) per share as compared to Rs 15 (150%) per share in the previous year.
Commenting on the occasion, Mr. Shishir Joshipura, Managing Director and Country Head, SKF India said, “The prevailing economic environment during the financial year called for a differentiated approach to meet the unique challenges posed. Our results reflect the continued acceptance of our innovative approach by our customers enabling us to consolidate our leadership position. We expect the economic environment to improve further while overcoming the transition challenges under the new GST regime and other economic reforms underway.”
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in 130 countries with 108 manufacturing units and has around 17,000 distributor locations worldwide. Annual sales in 2016 were SEK 72787 million and the number of employees 45 000.”
SKF Group started trading operations in India in Kolkata in 1923 and since then the Group’s operations have been consolidated into SKF India Limited. SKF India also has associate companies called SKF Technologies (India) Pvt. Ltd, Lincoln Helios India Ltd, providing Seals and Lubrication systems. The company has manufacturing plants in Pune, Bangalore, and Haridwar.