Schaeffler India Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 08:22 am EDT
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Schaeffler India Limited reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was INR 18,291.4 million compared to INR 17,488.3 million a year ago. Revenue was INR 18,599.3 million compared to INR 17,650.3 million a year ago. Net income was INR 2,372.8 million compared to INR 2,257.5 million a year ago. Basic earnings per share from continuing operations was INR 15.2 compared to INR 14.4 a year ago. Diluted earnings per share from continuing operations was INR 15.2 compared to INR 14.4 a year ago.
For the six months, sales was INR 35,227.6 million compared to INR 33,163.4 million a year ago. Revenue was INR 35,862.4 million compared to INR 33,525.9 million a year ago. Net income was INR 4,566.5 million compared to INR 4,328.7 million a year ago. Basic earnings per share from continuing operations was INR 29.2 compared to INR 27.7 a year ago. Diluted earnings per share from continuing operations was INR 29.2 compared to INR 27.7 a year ago.
Schaeffler India Limited is an India-based automotive and industrial component supplier. The Company provides components and systems for engine, transmission, and chassis applications for hybrid, electric, and combustion-engine-powered vehicles. The Company's segments include Automotive Technologies, Automotive Aftermarket, Industrial, and Exports & Others. The Automotive Technologies segment develops products using sustainable technologies for passenger and commercial vehicles, tractors, and off-highway segments. The Automotive Aftermarket provides data-driven services and plug-and-play solutions for transmission, engine, and chassis systems. It also includes three brands, such as LuK, INA and FAG. 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 Exports & Others segment includes exports to group companies and scrap sales.