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The eBearing News
August 15, 2006
NRB Reports First Quarter 2007 Results
copyright © 2006 eBearing Inc.
NRB Bearings Ltd. (India; BSE SMALLCAP:
530367)
reported financial results for fiscal first quarter 2007, ended June 30, 2006.
NRB manufactures needle bearings and cylindrical roller bearings, primarily targeting the
fast-growing automotive OEM market in India. Successes there are being leveraged into other markets.
Sales reached Rs 690.6 million (USD $14.8 million), up from Rs 591 million ($12.7 million)
a year ago and continuing a long series of steady gains.
Net profit reached Rs 86 million, from Rs 77.1 million a year ago, but potential for further improvement
was hurt by significantly higher interest expense.
On the other hand, that higher interest expense is tied to debt load NRB has taken on to finance a
massive expansion program -- proportionately, the largest ongoing program in the bearing industry
today.
By 2008, NRB said it intends to more than double its manufacturing capacity
for needle roller bearings, and more than triple its capacity for cylindrical roller bearings.
The company has five manufacturing facilities across India.
article: NRB investing heavily in production boost
Its publicly traded, 69% owned subsidiary, SNL Bearings Ltd., is referred to as an issue
qualifying NRB's audit report because SNL has a negative book value. However, SNL's profits
in recent months have largely turned around the deficit at SNL and its performance should
continue to benefit both organizations.
Harshbeena Zaveri, NRB President, commented: "As always, our focus will continue to remain on the
automotive OEM customer, in India and overseas. We have made significant strides to be seen as a responsive
supplier and a competitive producer of needle and cylindrical bearings. We continue to invest in R&D and
engineering to drive our capabilities to develop products for new customers as well as new applications
for our existing customers."
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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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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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