Net sales increased by 2.6% to Rs 717.58 crore during the quarter as compared with the same period last year.

Total expenses rose by 10.3% to Rs 581.85 crore in Q1 FY24 over Q1 FY23, primarily due to a 22.9% YoY increase in purchases of finished goods.

Profit before tax in Q1 FY24 stood at Rs 122.81 crore, down by 23.2% from Rs 159.99 crore in Q1 FY23.

Separately, Timken India informed that the Jamshedpur Plant of the company shall remain closed from 25 August 2023 to 3 September 2023 on account of low demand and better demand planning for production efficiency.

Timken India manufactures bearings. It works directly with large OEM customers and with end users through a network of authorized distributors to make design and application recommendations to optimize performance and reliability. It also offer a breadth of bearing repair and related mechanical power transmission services to its customers.