SKF India Reports Higher Profit on Increased Sales

SKF India Reports Higher Profit on Increased Sales SKF India reported higher profit during the fiscal year on increased sales, compared to last year. The company announced audited financial results for the fourth quarter and financial year ended December 31, 2006. SKF India, part of the SKF Group, manufactures varied range of products comprising about 60 sizes of deep groove ball bearings, 70 sizes of taper roller bearings, textile machinery components, automotive specials, bearing accessories like housings, sleeves etc., to cater to the needs of the automotive, electrical and industrial OEMs and aftermarket. Along with a varied range of products, it also offers extensive solutions and services in this area. The company further stated that the sales during the fourth quarter reflect the full effect of the Direct Customer Delivery Model and led by strong customer demand across all business. The company's fiscal year net profit rose 59% to Rs. 101.96 crores from Rs. 64.07 crores in 2005. Net sales grew 70% to Rs. 1,324.90 crores from Rs. 781.39 crores a year-ago. Other income for the fiscal year was Rs. 8.34 crores, compared with Rs. 34.62 crores in the prior year. The Mumbai-based company posted fourth quarter net profit of Rs. 31.73 crores, compared to Rs. 10.25 crores in the fourth quarter of 2005, registering a growth of 210%. Net sales during the quarter increased 52% to Rs. 379.26 crores from Rs. 249.10 crores in the previous year quarter. Other income for the quarter was Rs. 2.40 crores, compared to Rs. 7.37 crores in the year-ago quarter. During the quarter, EBIDT rose 92% to Rs. 53.77 crores from Rs. 28.00 crores in the year-ago quarter. Earnings per share for the quarter was Rs. 6.00, up 216% from Rs. 1.90 in the prior year quarter. SKF India disclosed that the Board has recommended a dividend of Rs. 4.50 per share for the fiscal year 2006.