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The eBearing News
October 30, 2003
SKF India Posts Strong Third Quarter 2003 Results
copyright © 2003 eBearing Inc.
SKF Bearings India Ltd. (India, a publicly-traded, 54%-owned subsidiary of SKF AB, Sweden)
revealed its third quarter 2003 operating results, reflecting dramatic improvement over
the same period in 2002.
Sales hit Rs 1.219 billion (USD $26.9 million), up almost 25% from Rs 978 million ($21.6 million) in 2002.
Similarly, profits gained almost 22%, to Rs 89.8 million ($2.0 million) from Rs 73.7 million ($1.6 million)
in third quarter 2002.
SKF is the dominant bearing company in India, controlling at least 30% of the overall market and
several specific sectors such as the fast-growing two-wheeler market. 60% of SKF India sales are to vehicle
OEMs and 40% to the aftermarket.
The company said the improvement was driven by growth in sales to both the automotive OEM and
automotive aftermarket, and some growth in its industrial business.
SKF also focused on improving its distribution network to better leverage its dominant market position.
Rakesh Makhija, Managing Director of SKF India, said, "The company's performance this quarter was
backed by a stronger position in the market, greater operational efficiency and good fiscal
planning. In addition to expanding our distribution presence, we introduced innovative products and
customized solutions for various segments of the market. Going forward, services will be the key
driver of growth for the company."
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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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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