Revenue from operations jumped 13.27% year on year (YoY) to Rs 2,071.9 crore in Q2 CY24.
Net profit margin declined to 12.2% in the quarter ended 30 June 2024 as compared to 13% posted in Q2 CY23.
PBT (before exceptional items) was at Rs 339.90 crore in Q2 CY24, up 6.87% as against with Rs 318.04 crore posted in Q2 CY23. PBT margin for the quarter stood at 16.4% in Q2 CY24 as compared with 17.4% posted in the corresponding quarter previous year.
Total expenses grew by 13.98% year on year to Rs 1,757.6 crore during the quarter. Cost of materials consumed stood at Rs 850.10 crore (up 7.80% YoY) and employee benefits expense was at Rs 143.85 crore (up 21.43% YoY).
EBITDA stood at Rs 384.8 crore in Q2 CY24 as compared with Rs 348 crore in Q2 CY23. EBITDA margin contracted to Rs 18.6% in Q2 CY24 as against 19% in Q2 CY23.
On consolidated basis, the company’s net profit rose 3.06% to Rs 244.55 crore in Q2 CY24 as against Rs 237.28 crore posted in Q2 CY23. Revenue from operation was at Rs 2,106.8 crore in Q2 CY24, registering a growth of 15.18% year on year.
Harsha Kadam, managing director (MD) and chief executive officer (CFO), said, “Progressing further into 2024, growth accelerated for our domestic business and momentum was sustained for intercompany exports. Margins were backed by the broad-based performance across businesses and focused approach on cost management. We remain committed to deliver on our financial and operating metrics while creating long-term value for our stakeholders with an unwavering commitment to our environment, social and governance framework.“
Schaeffler India has been present in India for over 60 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. The company is among the largest industrial and automotive suppliers. It also has the largest after-market networks serving the industrial and automotive customers.