Last Updated on October 30, 2023 by BFSLTeam BFSLTeam
Table of Content
- 1 Introduction
- 2 Key Financial Metrics
- 3 Management Commentary
- 4 Schaeffler India Limited: Year-to-Date Consolidated Financial Figures (YoY)
- 5 Schaeffler India Limited: Consolidated Financial Figures (QoQ)
- 6 Schaeffler India Limited: Year-to-Date Standalone Financial Figures (YoY)
- 7 Schaeffler India Limited: Standalone Financial Figures (QoQ)
- 8 Stock Performance
Introduction
The Indian subsidiary of Schaeffler Technologies AG & Co. KG, Schaeffler India currently has four plants and eleven sales offices in the country. Schaeffler’s manufacturing plant in Vadodara was established in 1964, and the plant manufactures a wide range of items, such as ball bearings, cylindrical roller bearings, and spherical roller bearings. These items are sold under the brand name FAG. The company has another plant at Savli, which produces next-gen deep groove ball bearings, while its third state-of-the-art plant is situated near Pune. Schaeffler India’s fourth plant is located in Hosur, which manufactures clutch systems and dual-mass flywheels.
Schaeffler India Limited released its financial results for the third quarter of the financial year on October 27th. The company registered impressive growth in terms of net profit and managed to meet the analysts’ expectations.
Note: Schaeffler India Ltd. follows the calendar year.
Additional Read: Q2 Results Dashboard
Key Financial Metrics
Performance Highlights (Consolidated)
- The auto components and equipment manufacturer reported a net profit of ₹232.76 Cr, up 8% YoY during Q3 FY 2023-24.
- As per an exchange filing, the company’s revenue from operations increased by 5.53% to ₹1,853.6 Cr, compared to ₹1,756.43 Cr during Q3 FY 2022-23.
- At the operating level, the EBITDA grew 6.69% YoY to ₹340.4 Cr, as against ₹319.04 Cr during the same period last year.
- The company’s profit before tax (PBT) increased to ₹313.47 Cr compared to ₹289.57 Cr during Q3 FY 2022-23.
During the period under review, Schaeffler India Ltd. recorded a double-digit YoY revenue growth in domestic businesses. Furthermore, the company reported that volume gains and operational efficiencies sustained the quality of earnings.
The company’s standalone revenue from operations (net) for the third quarter of the financial year stood at ₹1,848.3 Cr, up 5.2% from the corresponding quarter last year and 1% higher than the preceding quarter.
As per an exchange filing, the profit before tax (before exceptional items) for the quarter was ₹315.7 Cr, up 9% YoY from the same period last year. The PBT margin stood at 17.1% against 16.5% from Q3 FY 2022-23.
The standalone net profit for the period under review stood at ₹235 Cr, and the net profit margin was 12.7% compared to 12.3% during the same period last year.
Management Commentary
Key Announcements
- Schaeffler completed the acquisition of KRSV Innovative Auto Solutions Private Ltd. during the quarter.
- Ms. Corinna Schittenhelm, Non-Executive Non-Independent Director of the company, resigned effective from December 31, 2023.
Additional Read: Schaeffler India Share Price
Schaeffler India Limited: Year-to-Date Consolidated Financial Figures (YoY)
| Particulars | Sep 30 FY 2022-23 | Sep 30 FY 2023-24 |
| Revenue from Operations | ₹5,072.77 Cr | ₹5,376.36 Cr |
| Total Income | ₹5,132.18 Cr | ₹5,470.71 Cr |
| Total Expenses | ₹4,279.69 Cr | ₹4,545.08 Cr |
| Profit Before Tax | ₹867.47 Cr | ₹925.63 Cr |
| Profit for the Period | ₹648.23 Cr | ₹689.41 Cr |
| Total Comprehensive Income | ₹656.19 Cr | ₹688.77 Cr |
Schaeffler India Limited: Consolidated Financial Figures (QoQ)
| Particulars | Q2 FY 2023-24 | Q3 FY 2023-24 |
| Revenue from Operations | ₹1,829.14 Cr | ₹1,853.6 Cr |
| Total Income | ₹1,859.93 Cr | ₹1,884.47 Cr |
| Total Expenses | ₹1,541.89 Cr | ₹1,571 Cr |
| Profit Before Tax | ₹318.04 Cr | ₹313.47 Cr |
| Profit for the Period | ₹237.28 Cr | ₹232.76 Cr |
| Total Comprehensive Income | ₹237.33 Cr | ₹232.77 Cr |
Schaeffler India Limited: Year-to-Date Standalone Financial Figures (YoY)
| Particulars | Sep 30 FY 2022-23 | Sep 30 FY 2023-24 |
| Revenue from Operations | ₹5,072.77 Cr | ₹5,371.06 Cr |
| Total Income | ₹5,132.18 Cr | ₹5,465.45 Cr |
| Total Expenses | ₹4,279.69 Cr | ₹4,537.58 Cr |
| Profit Before Tax | ₹867.47 Cr | ₹927.87 Cr |
| Profit for the Period | ₹648.23 Cr | ₹691.65 Cr |
| Total Comprehensive Income | ₹656.19 Cr | ₹691.01 Cr |
Schaeffler India Limited: Standalone Financial Figures (QoQ)
| Particulars | Q2 FY 2023-24 | Q3 FY 2023-24 |
| Revenue from Operations | ₹1,829.14 Cr | ₹1,848.3 Cr |
| Total Income | ₹1,859.93 Cr | ₹1,879.21 Cr |
| Total Expenses | ₹1,541.89 Cr | ₹1,563.5 Cr |
| Profit Before Tax | ₹318.04 Cr | ₹315.71 Cr |
| Profit for the Period | ₹237.28 Cr | ₹235 Cr |
| Total Comprehensive Income | ₹237.33 Cr | ₹235.01 Cr |
Stock Performance
Schaeffler India Limited released its financial results for the third quarter of FY 2023-24 on October 27th. The company’s shares opened at ₹3011,05 on Friday and increased by 0.58% (₹17.15), eventually closing at ₹2,991.40 apiece on BSE.
About the Company
Schaeffler India is the Indian subsidiary of the Schaeffler Group, a German manufacturer that provides rolling element bearings. The company has four manufacturing plants in the country: two plants are located in Vadodara, one near Pune, and the last in Hosur. Schaeffler also has one of the largest after-market networks catering to the industrial and automotive markets. Moreover, the company has dedicated engineering R&D support in India to aid the product teams. Today, Schaeffler India Limited has become a reliable partner for rendering motion and mobility more efficient and sustainable.
Sources:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/b5dc1f39-3daf-467d-a006-51c049242fd6.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachLive/2df2030e-35d8-4ee3-93cf-262d6673ec1f.pdf
