SKF India Posts Strong Third Quarter 2003 Results

Resource from: CBCC Likes:3021

Oct 31,2003

SKF Bearings India Ltd. (India, a publicly-traded, 54%-owned subsidiary of SKF AB, Sweden) revealed its third quarter 2003 operating results, reflecting dramatic improvement over the same period in 2002. Sales hit Rs 1.219 billion (USD $26.9 million), up almost 25% from Rs 978 million ($21.6 million) in 2002. Similarly, profits gained almost 22%, to Rs 89.8 million ($2.0 million) from Rs 73.7 million ($1.6 million) in third quarter 2002. SKF is the dominant bearing company in India, controlling at least 30% of the overall market and several specific sectors such as the fast-growing two-wheeler market. 60% of SKF India sales are to vehicle OEMs and 40% to the aftermarket. The company said the improvement was driven by growth in sales to both the automotive OEM and automotive aftermarket, and some growth in its industrial business. SKF also focused on improving its distribution network to better leverage its dominant market position. Rakesh Makhija, Managing Director of SKF India, said, "The company's performance this quarter was backed by a stronger position in the market, greater operational efficiency and good fiscal planning. In addition to expanding our distribution presence, we introduced innovative products and customized solutions for various segments of the market. Going forward, services will be the key driver of growth for the company."

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