Automotive and industrial parts maker Schaeffler India reported a 24.1per cent rise in third-quarter profit on Friday, driven by demand for ancillary auto products like transmission, braking systems and industrial bearings products
The company, a unit of Germany’s Schaeffler AG, reported profit of 3.07 billion rupees ($34.9 million) for the quarter ended September 30 from 2.47 billion rupees a year earlier.
Revenue from operations rose 13.9per cent to 23.6 billion rupees.
Production of passenger vehicles grew 4.2per cent year-on-year in the third quarter in India according to industry data, while that of commercial vehicles grew 10.9per cent, favouring growth for auto ancillaries like Schaeffler India, analysts noted.
The company’s largest division, the automotive technologies segment, contributed nearly 44per cent to quarterly revenue, and has customers across passenger vehicle, commercial vehicle, and tractor markets such as Toyota Kirloskar and Honda.
Smaller peers SKF India and NRB Bearings Ltd are yet to report quarterly results.
