Schaeffler India's net profit grows 21% in October-December quarter of 2022

Industrial and automotive parts maker Schaeffler India on Thursday announced a 21 per cent growth in net profit at Rs 231 crore in the fourth quarter of 2022.

The company had posted a net profit of Rs 190.64 crore in the same quarter of the preceding calender year, according to a regulatory filing.

Schaeffler India follows the calendar year (January-December period) for financial reporting.

The revenue from operations for the quarter under review stood at Rs 1,794.70 crore, up 17.8 per cent from Rs 1,523.22 crore in the same quarter of 2021.

During the year 2022, the company's net profit stood at Rs 879.20 crore from Rs 629.12 crore in the year earlier, registering a growth of 40 per cent, as per the filing.

Total revenue from operations during the reporting year was Rs 6,867.42 crore as compared to Rs 5,560.51 crore in 2021.

"Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings, while navigating the headwinds in a highly volatile environment," said Harsha Kadam, Managing Director, Schaeffler India.

The earnings for the full year of 2022 were aided by trajectory of wins across the company's businesses and focus on operational efficiency, he said.