India 17 February, 2024: Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), the Motion Technology Company, today announced that the Board of Directors approved the results for the fourth quarter and full year ended December 31, 2023
September – December 2023 (Fourth Quarter Standalone Results)
· Revenue from operations (net) for the quarter (Q4 CY2023) was INR 18,551 million, higher by 3.4% than the corresponding quarter of 2022 and 0.4% higher than preceding quarter (Q3 CY2023)
· PBT (before exceptional items) for the quarter (Q4 CY2023) was INR 3,005 million, 2.9% lower than the corresponding quarter of 2022. PBT margin for the quarter stood at 16.2%, compared to 17.2% during the corresponding quarter of 2022
· Net Profit for the quarter was INR 2,174 million and net profit margin stood at 11.7%
compared to 12.9% during the corresponding quarter of 2022
January – December 2023 (Full Year Standalone Results)
· Revenue from operations (net) for the year was INR 72,261 million, higher by 5.2% than the corresponding period of 2022
· PBT (before exceptional items) for the year was INR 12,284 million, higher by 5.7% than the corresponding period of 2022. PBT margin for the year stood at 17.0%, compared to 16.9% during the corresponding period of 2022
· Net profit for the year was INR 9,090 million and net profit margin stood at 12.6% compared to 12.8% during the corresponding period of 2022
Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ Our balanced business portfolio, backed by conituned momentum in our key sectors helped sustain revenues for the quarter. Despite the adverse export mix, our annual performance was aided by our domestic businesses and trajectory of business wins across sectors. Our continued focus on efficient utlization of resources and productivity measures helped in sustaining the quality of earnings. Our robust cash generation and capex realization continues to remain in focus. Entering 2024 with an uptick from some of the market sectors, with committed efforts to leverage the market growth continues. Our consistent approach towards dividend payment reinforces our commitement to long term value creation. We wish to thank all our stakeholders for their confidence and continued support.Schaeffler Group – We pioneer motion”
The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).