Fag Bearings India Ltd. Reports Unaudited Standalone Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 11, 2016 at 03:55 am EST
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Fag Bearings India Ltd. reported unaudited standalone earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net sales/income from operations (net of excise duty) of INR 468.93 million against INR 434.9 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 61.21 million against INR 62.8 million a year ago. Profit from ordinary activities before tax was INR 77.74 million against INR 77.55 million a year ago. Net profit for the period was INR 50.42 million against INR 50.6 million a year ago. Basic and diluted earnings per share before and after extraordinary item (not annualised) were INR 30.34 against INR 30.45 a year ago.
For the nine months, the company reported net sales/income from operations (net of excise duty) of INR 1,328.56 million against INR 1,268.93 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 173.25 million against INR 176.18 million a year ago. Profit from ordinary activities before tax was INR 221.02 million against INR 216.94 million a year ago. Net profit for the period was INR 138.12 million against INR 141.27 million a year ago. Basic and diluted earnings per share before and after extraordinary item (not annualised) were INR 83.10 against INR 85.00 a year ago.
Schaeffler India Limited is an India-based company that is a supplier of solutions to automotive and industrial sectors. The Company operates through three segments: Automotive, Industrial and Automotive Aftermarket. The Automotive segment is a pioneer in developing and manufacturing technological solutions for passenger cars and commercial vehicles, and tractors. The Industrial segment offers a portfolio of bearing solutions, ranging from high-speed and high-precision bearings with small diameters, to large-size bearings, several meters wide. The Automotive Aftermarket segment is focused on the spare parts business and delivers repair solutions of original-equipment quality. The Automotive Aftermarket segment has three brands, including LuK, INA and FAG that offer clutch and release systems, engine, and transmission applications, as well as chassis applications. It has its production facilities in Maneja, Savli, Pune and Hosur.