Total expense jumped 39.1% YoY to Rs 1427.10 crore in Q2 June 2022. Cost of raw material consumed stood at Rs 718.74 crore (up 32.2% YoY) and employee expenses were at Rs 108.94 crore (up 10.9% YoY).

Commenting on the results, Harsha Kadam, managing director, said, "We have progressed well in the first half of the year backed by our strong quarterly performance and are on course despite the ongoing global macroeconomic headwinds. The growth momentum is backed by our diversified portfolio and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure. This coupled with our capital management and execution capability has helped in realization of financial and operational metrics. We are cognizant of the dynamic yet challenging market conditions and striving to deliver continued performance, while remaining committed to climate protection, society and corporate governance."

Schaeffler is among the largest industrial and automotive supplier. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India.