NRB Bearings Net Sales at Rs 80.56cr up by 16.65%

NRB Bearings Net Sales at Rs 80.56cr up by 16.65% NRB Bearings Limited, manufacturers of ball and roller bearings, reported a 16.65% increase in Net Sales to Rs. 80.56 crore for the first quarter ended June 30, 2007 as compared to Rs.69.06 crore in the corresponding quarter last year. Net Profit during the period rose by 37.7% to Rs. 11.69 crore as compared to Rs. 8.60 crore posted during the year-ago quarter. Operating profit (before interest, depreciation and tax) increased by 37.5% to Rs.24.15 crore from Rs. 17.56 crore in the same period last year. Updates on Manufacturing Unit at Thailand and Uttarakhand Plans have been finalized for civil and utilities work to be completed at Uttarakhand by the end of the current financial year. At Thailand, ready factory shed has been acquired and approvals for utilities are expected shortly. Market surveys are underway for assessing potential of specific products both in Thailand and in the neighbouring ASEAN countries. SNL Bearings performance For Q1FY08 there has been an increase of 17% in Net Sales to Rs 3.80 crore over the previous year. The net profit jumped by 26% from Rs. 27 lacs to Rs. 34 lacs Q1FY08. Outlook Ms. Harshbeena Zaveri, President of NRB Bearings Ltd., said: espite sluggish growth witnessed during the first quarter in both 2- wheelers and commercial vehicle sales numbers we were able to grow around 17% on account of growth in export and aftermarket sales. Going forward, our sustained efforts towards strengthening customer relationships, right from product design and development to validation and testing and then to delivery and servicing, will help us introduce cost effective solutions, obtain enhanced SOB and achieve target financial results.