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Hot Pursuit News

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(19 Feb 2024, 11:04)

Schaeffler India declines as Q4 PAT slides 6% YoY; declares dividend of Rs 26/share

Schaeffler India fell 1.97% to Rs 3,001.95 after the company reported 5.89% decline in standalone net profit to Rs 217.38 crore in Q4 CY23 as against Rs 230.98 crore posted in Q4 CY22.

Revenue from operations increased 3.37% year on year (YoY) to Rs 1,855.07 crore in the quarter ended 31 December 2023.

Profit before tax during the quarter stood at Rs 300.52 crore, registering de-growth of 2.92% from 309.57 crore in corresponding quarter last year.

On full year basis, the company’s net profit rose 3.39% to Rs 909.03 crore on 5.22% increase in revenue from operations to Rs 7,226.13 crore in CY23 over CY22.

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...

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