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The eBearing News
July 29, 2003
SKF India Reports Strong Second Quarter 2003 Results
copyright © 2003 eBearing Inc.
SKF Bearings India Ltd. (a publicly-traded, 54%-owned subsidiary of SKF AB, Sweden)
revealed its second quarter 2003 operating results.
Sales in the quarter were Rs 1.10 billion (USD $24 million), up more than 5%
from Rs 1.05 billion ($22.8 million) in 2002.
Second quarter sales built on already-impressive first quarter sales of
Rs 1.09 billion ($23 million), as the company continues to grow and improve segment penetration.
Profit in the second quarter was Rs 62.2 million ($1.35 million), up 46% from Rs 42.7 million
($925,000) earned in 2002. Again, the second quarter built on strong first quarter profits
of Rs 50 million ($1.1 million), which were up from Rs 17 million in 2002.
SKF is the dominant bearing vendor in the Indian marketplace, controlling at least
30% of the country's total market and several specific sectors such as the fast-growing
two-wheeler market. 60% of its sales are to vehicle OEMs and 40% to the aftermarket.
The company credited higher volumes in both automotive bearings and industrial bearings,
leveraged by sharply lower interest expenses due to its recent debt restructuring.
During 2002, SKF offered both stock and debt offerings, and the proceeds of those offerings
were used to pay down debt. That effort had a strong impact on the company's financial
results. Quarterly interest expense since the debt restructuring has been more than 75% lower than
in 2002.
Managing Director, Rakesh Makhija, said, "We are pleased with our overall results. The debt
restructuring that was undertaken early last year continues to yield good results. Looking ahead,
we will continue to focus on creating partnerships with customers, productivity and cost improvements,
besides introducing a host of new products and services. Service is a key component to the company's
future plans."
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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