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The eBearing News
August 22, 2005
SKF India Reports
Second Quarter 2005 Results
copyright © 2005 eBearing Inc.
SKF India Ltd. (a publicly-traded subsidiary of SKF AB, Sweden) reported record sales and
earnings for second quarter ended June 30, 2005.
Sales in the quarter were Rs 1.78 billion (USD $40.7 million), up more than 27% over 2004's
Rs 1.39 billion ($31.8 million).
Net profit reached Rs 196.1 million ($4.5 million), up more than 60% over 2004's Rs 122.4 million
($ 2.8 million).
Both results represent record highs for the company, which is India's largest bearing manufacturer,
with an overall 30% market share across OEM and replacement market sales.
Inventory on hand at the end of the quarter was up Rs 40.7 million ($1 million) from the end
of 2004's second quarter, in line with sales increases.
Rakesh Makhija, Managing Director of SKF India, said: "We are pleased
to announce a record performance for the company in the second quarter."
Mr. Makhija went on to recap recent developments: "With a growing
demand for SKF products and services, we are in the process of upgrading our capacity in Bangalore and
Pune plants. This will enable us to continue to serve our customers better."
In 2004, sales grew by 29%, straining capacity and prompting SKF's May
announcement that it is in the process of investing at least
Rs 1.3 billion (USD $30 million) in both Pune and Bangalore.
Together, the two plants currently employ almost 2,000 people.
SKF India reveals expansion plans
The facility in Pune will see its tapered roller bearing capacity increased by as much as 50%.
In addition, it is likely to be selected as the site for a new industrial bearing production
line the corporate parent is planning for India.
In Bangalore, SKF will invest in plant and equipment to boost deep groove ball
bearing production by at least 50%.
Most of the work at both plants is expected to be complete by the end of 2005, with
capacity staffed and brought online as quickly as it is completed.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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