(Reuters) – Automotive and industrial components maker Schaeffler India reported a 16.6% rise in first-quarter profit on Tuesday, supported by sturdy demand for its transmission, braking methods and different auto ancillary merchandise.
The corporate, a unit of Germany’s Schaeffler, stated profit rose to 2.65 billion rupees ($31.1 million) within the quarter ended March 31 from 2.28 billion rupees a 12 months in the past.
Income from operations elevated 14.1% to 21.1 billion rupees, outpacing the 9.8% rise in the price of supplies, reminiscent of metal and polymers, which account for over half of its complete bills.
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The automotive applied sciences section, which accounted for 43.7% of Schaeffler India’s income within the quarter, counts passenger and business automobiles and tractors amongst its prospects. The remainder of its income comes from three different segments, together with an industrial purposes section.
Gross sales of passenger automobiles grew 2.4% year-on-year within the first quarter, whereas that of business automobiles rose 1.5%, favouring progress for auto ancillaries like Schaeffler India, analysts stated.
Smaller friends SKF India and NRB Bearings have but to report quarterly outcomes.
Valuation (subsequent 12 Estimates (subsequent 12 Analysts’ sentiment
RIC PE EV/EBITDA Income Profit Imply No. of Inventory to Div
progress (%) progress ranking* analysts value yield
Schaeffler India 43.03 27.74 12.93 18.90 Purchase 9 0.89 0.85
SKF India 30.84 22.64 11.42 26.37 Purchase 9 0.81 3.35
NRB Bearings 19.05 13.79 10.51 22.44 Robust 1 0.62 2.02
Timken India 41.95 26.73 12.06 15.00 Robust 1 0.72 0.10
* The imply of analysts’ scores standardised to a scale of Robust Purchase, Purchase, Maintain, Promote, and Robust Promote
** The ratio of the inventory’s final near analysts’ imply value goal; a ratio above 1 means the inventory is buying and selling above the PT
JANUARY-MARCH STOCK PERFORMANCE
— $1 = 85.1950 Indian rupees
(Reporting by Meenakshi Maidas in Bengaluru; Modifying by Sumana Nandy)
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