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Results
19-Apr-23
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Analysis
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Schaeffler India
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Revenue growth moderates on subdued industrial segment and export figures
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Schaeffler
India has recorded 6% growth in the net profit to Rs 219.37 crore in the
quarter ended March 2023 (Q4CY2022). Its net sales moved up 8% to Rs 1693.62
crore as sales of Mobility Components & Related Solutions segment moved up
at steady pace of 11% to Rs 1355.56 crore (accounting for 80.0% of total sales)
and sales of Others segment declined 4% to Rs 338.06 crore (accounting for
20.0% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) rose 1.65% to Rs 262.23
crore. PBIT of Mobility Components & Related Solutions segment fell 1.42%
to Rs 190.24 crore (accounting for 72.55% of total PBIT). PBIT of Others
segment increased 10.77% to Rs 71.99 crore (accounting for 27.45% of total
PBIT).
PBIT
margin of Mobility Components & Related Solutions segment fell from 15.87%
to 14.03%. PBIT margin of others segment rose from 18.48% to 21.30%. Overall
PBIT margin fell from 16.46% to 15.48%.
As per
the key segments, the revenues from automotive technologies segment accounting
for 43.6% of revenues have surged 21% to Rs 738 crore, while revenues from
automotive aftermarket segment (8.6%) have also moved up 17% to Rs 146 crore.
However, the revenues from industrial segment (31.6%) have declined 9% to Rs
536 crore and the revenue from exports (16.2%) rose at slower pace of 10% to Rs
274 crore.
The
operating profit rose at moderate pace of 2.01% to Rs 314.68 crore as the
operating profit margin has declined from 19.68% to 18.58%. Raw material cost
as a % of total sales (net of stock adjustments) increased to 43.12% from
39.55%. Purchase of finished goods cost fell to 20.16% from 23.16%. Employee
cost increased to 6.37% from 6.32%. Other expenses rose from 12.27% to 12.76%.
Other
income jumped 63.04% to Rs 32.69 crore. PBIDT moved up 5.74% to Rs 347.37
crore. Provision for interest fell 4.76% to Rs 0.8 crore. PBDT gained 5.76% to
Rs 346.57 crore. Provision for depreciation rose 3.88% to Rs 52.45 crore. Profit before tax grew 6.11% to Rs 294.12
crore. Provision for tax was expense of Rs 74.75 crore, compared to Rs 70.07
crore. Effective tax rate was 25.41% compared to 25.28%. Profit after tax rose
5.91% to Rs 219.37 crore.
Commenting
on the results, Harsha Kadam, Managing Director, said, “The automotive
technologies and automotive aftermarket business registered strong YoY growth.
Our balanced business portfolio and focus on operational efficiencies helped us
to mitigate the external headwinds resulting in resilient margins. As we move
ahead in 2023, we remain committed to continue our growth trajectory while
taking cognizance of the volatality and challenges in the market environment.”
Full Year Financial Performance CY2022
Net
sales increased 23.50% to Rs 6,867.42 crore in year ended December 2022
(CY2022), as sales of Mobility Components & Related Solutions segment moved
up 22.87% to Rs 5387.68 crore (accounting for 78.45% of total sales) and sales
of Others segment has gone up 25.88% to Rs 1479.74 crore (accounting for 21.55%
of total sales).
Profit
before interest, tax and other unallocable items (PBIT) have jumped 40.48% to
Rs 1087.93 crore. PBIT of Mobility Components & Related Solutions segment
increased 39.12% to Rs 812.16 crore (accounting for 74.65% of total PBIT). PBIT
of Others segment surged 44.65% to Rs 275.77 crore (accounting for 25.35% of
total PBIT).
PBIT
margin of Mobility Components & Related Solutions segment rose from 13.31%
to 15.07%. PBIT margin of others segment rose from 16.22% to 18.64%. Overall
PBIT margin rose from 13.93% to 15.84%.
Operating
profit margin has jumped from 17.47% to 18.85%, leading to 33.23% rise in
operating profit to Rs 1294.39 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 39.28% to 40.04%. Purchase of
finished goods cost fell from 24.51% to 22.19%. Employee cost decreased
from 6.82% to 6.22%. Other expenses rose from 12.62% to 12.86%.
Other
income up 7.32% to Rs 77.68 crore. PBIDT rose 31.43% to Rs 1372.07 crore.
Provision for interest fell 3.27% to Rs 3.55 crore. PBDT rose 31.56% to Rs
1368.52 crore. Provision for depreciation moved up 4.74% to Rs 206.46 crore.
Profit
before tax grew 37.83% to Rs 1162.06 crore. Provision for tax was expense of Rs
297.83 crore, compared to Rs 214.02 crore. Effective tax rate was 25.30%
compared to 25.38%. Profit after tax increased 39.75% to Rs 879.21 crore.
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Schaeffler India :
Results
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Particulars
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2303 (3)
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2203 (3)
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Var.(%)
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2212 (12)
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2112 (12)
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Var.(%)
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Net Sales
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1693.62
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1567.51
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8
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6867.42
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5560.51
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24
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OPM (%)
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18.58
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19.68
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18.85
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17.47
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OP
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314.68
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308.47
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2
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1294.39
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971.54
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33
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Other Inc.
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32.69
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20.05
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63
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77.68
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72.38
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7
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PBIDT
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347.37
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328.52
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6
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1372.07
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1043.92
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31
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Interest
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0.8
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0.84
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-5
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3.55
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3.67
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-3
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PBDT
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346.57
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327.68
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6
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1368.52
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1040.25
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32
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Depreciation
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52.45
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50.49
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4
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206.46
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197.11
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5
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PBT
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294.12
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277.19
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6
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1162.06
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843.14
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38
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EO Income
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0
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0
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-
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14.98
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0
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-
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PBT after EO
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294.12
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277.19
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6
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1177.04
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843.14
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40
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Taxation
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74.75
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70.07
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7
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297.83
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214.02
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39
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PAT
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219.37
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207.12
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6
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879.21
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629.12
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40
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EPS (Rs)*
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56.1
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53.0
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56.3
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40.3
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* EPS is annualized on
current equity of Rs 31.26 crore, Face value of Rs 2, Excluding extraordinary
items.
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EO : Extraordinary
items
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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Schaeffler India :
Standalone Segment Results
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% of total
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2303 (3)
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2203 (3)
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Var.(%)
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% of total
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2212 (12)
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2112 (12)
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Var.(%)
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Sales
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Mobility Components
& Related Solutions
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80.0
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1355.56
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1215.82
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11
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78.5
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5387.68
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4384.99
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23
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Others
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20.0
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338.06
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351.69
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-4
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21.5
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1479.74
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1175.52
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26
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Total Reported Sales
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100.0
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1693.62
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1567.51
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8
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100.0
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6867.42
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5560.51
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24
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Less: Inter segment
revenues
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0.0
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0.00
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0.00
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-
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0.0
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0.00
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0.00
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-
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Net Sales
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100.0
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1693.62
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1567.51
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8
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100.0
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6867.42
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5560.51
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24
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PBIT
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Mobility Components
& Related Solutions
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72.5
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190.24
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192.99
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-1
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74.7
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812.16
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583.78
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39
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Others
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27.5
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71.99
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64.99
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11
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25.3
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275.77
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190.65
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45
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Total PBIT
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100.0
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262.23
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257.98
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2
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100.0
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1087.93
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774.43
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40
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Less : Interest
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0.80
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0.84
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-5
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3.55
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3.67
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-3
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Add: Other
un-allcoable
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32.69
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20.05
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63
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92.66
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72.38
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28
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PBIT Margin(%)
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Mobility Components
& Related Solutions
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14.03
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15.87
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-184
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15.07
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13.31
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176
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Others
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21.30
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18.48
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282
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18.64
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16.22
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242
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PBT
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294.12
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277.19
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6
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1177.04
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843.14
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40
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Previous News |
Schaeffler India
(
Results
-
Analysis
19-Oct-22
21:32
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Schaeffler India
(
Analyst Meet / AGM
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Conference Call
19-Oct-22
21:29
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Schaeffler India standalone net profit rises 21.16% in the December 2022 quarter
(
Results
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Announcements
17-Feb-23
07:35
)
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Schaeffler India gains after Q4 PAT jumps 21% YoY to Rs 231 cr
(
Hot Pursuit
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17-Feb-23
09:37
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Schaeffler India records PAT of Rs 228 crore in Q4
(
Hot Pursuit
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26-Apr-24
09:40
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Schaeffler India spurts after Q2 PAT jumps 76% YoY to Rs 226 cr
(
Hot Pursuit
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28-Jul-22
10:34
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Schaeffler India standalone net profit rises 76.19% in the June 2022 quarter
(
Results
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Announcements
28-Jul-22
08:23
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Schaeffler India standalone net profit rises 67.50% in the December 2020 quarter
(
Results
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Announcements
17-Feb-21
08:05
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Schaeffler India declines as Q4 PAT slides 6% YoY; declares dividend of Rs 26/share
(
Hot Pursuit
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19-Feb-24
11:04
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Schaeffler India announces board meeting date
(
Corporate News
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13-Apr-24
11:46
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Schaeffler India tumbles after posting Q2 net loss of Rs 42 cr
(
Hot Pursuit
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27-Jul-20
09:26
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