SKF India Ltd, the technology and solutions provider of bearings, today said the company has reported net profit of Rs 208.49 crore in the year ended December 31, 2011, as against Rs 177.02 crore in the previous year.
Net sales for the year 2011 stood at Rs 2,416.7 2 crore as against Rs 2,068.41 crore in the previous year, a growth of 17 per cent over the previous year.
The company’s net profit declined 8.13 per cent to Rs 40.36 crore in Q4 in calendar year 2011 as against Rs 43.93 crore in the corresponding period in calendar year 2010. Net sales jumped from Rs 536 crore to Rs 593 crore in Q4 CY11. Earnings per share at the end of the year was Rs 39.5 as compared to Rs 33.6 in the previous year. The board of directors have recommended a dividend of 75 per cent for the year 2011.
“It has been a challenging year for the economy. The rising input costs, rupee depreciation and high interest rates put pressure on the company’s margins. Under these circumstances, the company recorded a steady performance and was able to achieve Rs 200 crore net profit in 2011,” SKF India Managing Director, Mr Shishir Joshipura, told PTI here.
“We will continue our investment plans in accordance with the country’s medium and long-term growth outlook. SKF India will continue to focus on providing value-added and efficient solutions to customers to support their growth plans,” Mr Joshipura said.
The company has drawn up capital expenditure of Rs 100 crore in calendar year 2012 towards its expansion plans and it will be financed through its internal accruals, he said. The company’s exports have slowed down in 2011.
“Our exports have slowed down in 2011 due to the slowing down of the European and American economy, where it exports. The company has registered exports of 9 per cent of sales in 2011, Mr Joshipura said.