Schaeffler India rallied 3.50% to Rs 2,934.70 after the company's net profit rose 21.2% to Rs 230.98 crore on 17.8% increase in revenue from operations to Rs 1,794.65 crore in Q4 CY22 over Q4 CY21.
Net profit margin stood at 12.9% in the quarter ended 31 December 2022.
Profit before tax in Q4 CY22 was at Rs 309.57 crore, up 20.5% as against Rs 256.88 crore reported in Q4 CY21. PBT margin for the quarter stood at 17.2% as compared with 16.9% posted in the corresponding quarter previous year.
Total expenses grew 16.71% year on year to Rs 1,503.35 crore during the quarter. Cost of materials consumed stood at Rs 649.03 crore (up 14.43% YoY) and employee benefits expense was at Rs 108.15 crore (up 8.74% YoY).
On the full year basis, the company's net profit jumped 39.8% to Rs 879.21 crore on 23.5% rise in revenue to Rs 6,867.42 crore in CY 2022 over CY 2021.
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Harsha Kadam, managing director of Schaeffler India, said, 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.
Our annual results for the year were aided by trajectory of wins across our businesses and focus on opertaional efficieny, reflecting our commitment on customer centricity, innovation and agility. As we enter 2023, we stand by our commitment to enhance stakeholder value by working on both our financial and non financial metrics. We wish to thank all our stakeholders for reposing the confidence and continued support.
Meanwhile, Schaeffler India's board has recommended dividend of Rs 24 per share for the financial year ended 31 December 2022. The dividend if declared, will be paid within 30 days from the date of annual general meeting (AGM).
The company's 60th AGM is scheduled to be held on Tuesday, 18 April 2023.
Schaeffler India has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. The company is among the largest industrial and automotive suppliers. It also has the largest after-market networks serving the industrial and automotive customers.
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