Pune (Maharashtra) [India], February 17 (ANI): Industrial and automotive supplier Schaeffler India has posted 67 per cent jump in its consolidated profit after tax for the December quarter at Rs 142 crore.
While the higher revenues did help profit through better absorption of fixed costs, the company said it also benefited from fine-tuned inventory policies that reduced funds locked up in working capital cycle.
Total revenues moved up by 23 per cent to Rs 1,274 crore. The mobility components vertical showed 25 per cent growth on year-on-year basis and 15 per cent growth on sequential basis.
Managing Director Harsha Kadam said the company had a sharp market recovery in Q4 FY21 which was aided by strong counter-measures to beat the slowdown and successful realisation of new projects.
"The pent-up demand in market continues to drive sustained recovery across all segments. We are optimistic and anticipate to continue this momentum as we move ahead," he said.
However, a sharp gain in steel prices and intermittent supply issues remain a cause of concern. Besides, there are delays in overseas supplies and fragmented recovery in logistics. (ANI)