Schaeffler India Q2 profit dips 26% at Rs 83 crore

Auto component maker Schaeffler India on Tuesday reported 26 per cent decline in its profit at Rs 82.5 crore for the second quarter ended June 30 2019. The company follows January-December calendar for the fiscal. 

The company posted Rs 111.4 crore profit in Q2 FY'19, as per a regulatory filling. 

Company's total revenue from operations for the April-June period of FY'20 was Rs 1116.7 crore, up 1.5 per cent, compared to Rs 1,100 crore in the same period year ago. 

Profit before tax for the quarter was Rs 132.6 million, down 22.5 per cent than the corresponding quarter of 2018 and 18.5 per cent lower than the preceding quarter.

Commenting on the results and financial performance of Schaeffler India Limited, Dharmesh Arora, Managing Director, said, “Indian automotive industry continued to witness unprecedented slowdown across all segments. In the quarter, Auto OEMs cut down production significantly which affected the whole industry, including us. Good thing is we were able to buck the trend due to our strong presence in industrial business, that delivered growth."

He further said that, going forth the focus of the company will be to continually improve operational excellence and build future oriented organization to deliver superior results as the market improves.