Schaeffler India, the leading industrial and automotive supplier, has reported strong growth in the first half of the current calendar with revenues growing 86.5% over the corresponding period of 2020.
In its results announced yesterday, the company said its total revenue from operations (net) for the January-June 2021 period stood at INR 2,549.7 crore. Revenue from operations (net) for Q2 CY21 was INR 1,232.9 crore, which is 180.9% higher than the corresponding quarter of 2020. Compared to Q1 though, total revenue was 6.4% lower in Q2.
In H1, Schaeffler India’s PBT (before exceptional items) was INR 356.6 crore. This is a staggering 567.3% higher than the corresponding period of 2020, but it must be noted that Q2 CY20 was almost washed out due to the outbreak of the COVID-19 pandemic. In terms of margins, the first six months of the year saw PBT margin at 14%, against 3.9% during the corresponding period of 2020.
For the April-June quarter this calendar, the company reported PBT (before exceptional items) of INR 170.7 crore, 401.4% higher than the corresponding quarter of 2020 but lower by 8.2% than in Q1 CY21. Q2 margin stood at 13.8%, against -12.9% during the corresponding quarter of 2020 and 14.1% Q1 CY21.
The company reported INR 267.7 crore net profit in H1, and a net profit margin of 10.5%. For Q2 CY21, net profit stood at INR 128.1 crore and net profit margin at 10.4%.
Harsha Kadam, Managing Director, Schaeffler India expressed satisfaction over the company’s performance despite the strong headwinds from the second wave of COVID-19 and input cost pressures.
“Our focus on countermeasures and an improved mix has enabled us to sustain the performance momentum. We continue to build on our strong position, deepening our customer focus and widening our market reach. As the COVID-19 wave-2 subsides and consumer sentiments improve, we are optimistic that the market would come back on a faster growth trajectory,” Kadam said.