The auto components & equipments company said that this appointment is made as part of succession planning and to facilitate smooth transition.

Hardevi Vazirani has been part of Schaeffler for three decades, during which she held various roles in IT, finance & corporate strategy including invaluable international exposure during her four years stint in Shanghai and three years in Singapore, where she played vital roles in AP region. Prior to Schaeffler, she had amassed three years of experience as an IT service consultant, working with various IT Firms.

Schaeffler India has been present in India for over 60 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. The company is among the largest industrial and automotive suppliers. It also has the largest after-market networks serving the industrial and automotive customers.

The company reported 5.91% rise in net profit to Rs 219.37 crore on 8.05% increase in revenue from operations to Rs 1,693.62 crore in Q1 CY23 over Q1 CY22.

The scrip declined 0.38% to currently trade at Rs 3,016.85 on the BSE.