SKF India, maker of auto components such as bearings and lubrication systems, has posted a 36 per cent rise in net profits at Rs 56 crore for the quarter ending September 30, 2011. Net sales in the quarter were up 14 per cent to Rs 600 crore.
Mr Shishir Joshipura, Managing Director, SKF India said, “Our third quarter performance has shown steady growth against a very demanding economic scenario. High inflation, increasing input costs and a high interest rate regime continued to put pressure on performance.
The quarter saw continued moderation in demand in some sections of the automotive sector.” He added, “However, we remain positive about the sustained growth opportunities in the medium to long term even as near term outlook remains challenging.”
SKF India shares at the BSE were down 0.47 per cent to Rs 656.95 on Tuesday.