Schaeffler India Q1 profit up 78% at INR 139.5 crore

New Delhi: Industrial and automotive supplier Schaeffler India on Monday reported 78.1% increase in its standalone profit to INR 139.5 crore for the first quarter to March 31, 2021. The company follows the January-December calendar for its accounting.

The company posted INR 78.3 crore standalone profit in Q1 of last year, as per a regulatory filing.

Schaeffler India’s total revenue from operations in Q1 of 2021 was at INR 1,316.8 crore, higher by 48.1% than in the corresponding quarter of 2020. Its net profit margin for the quarter stood at 10.6%.

According to Harsha Kadam, managing director, the strong performance of the quarter was aided by the continued demand uptick and new business wins.

"While the revenue during the quarter has been one of the best so far, rising commodity costs put pressure on margins, though we continue to focus on cost discipline," Kadam said.

He further said that the external scenario is quite volatile as the second wave of COVID-19 is not showing any signs of ebbing. It can potentially disrupt trade and dampen consumer spirits.

"We are monitoring the situation closely and we hope that the demand scenario continues its momentum," Kadam added.

Meanwhile, PBT (before exceptional items) for the Q1 was INR 186 crore, up 69% from the corresponding quarter of 2020.