Profit before tax in the third quarter stood at Rs 152.74 crore, up by 32.4% from Rs 115.36 crore in the same period last year.

Current tax expense in Q3 September 2020 surged 123.9% to Rs 43.04 crore as against Rs 19.22 crore in Q3 September 2020.

Commenting on the results and financial performance of the company, Harsha Kadam, managing director, said, “We continue to witness green shoots of recovery, across various sectors as the economy starts to crawl back to normalcy. However, we are still not out of the woods. During the quarter, both our Automotive and Industrial segments have shown resounding performance, responding to strong demand from certain segments, especially the tractor, passenger vehicle, industrial distribution and wind sectors. We continue with our efforts aimed towards responding to crisis with agility and ensuring business continuity with a cautiously optimistic outlook. We have managed to weather the storm and demonstrated that our fundamentals are strong.”

Schaeffler India manufactures a vast range of ball bearings, engine and powertrain components and a wide range of clutches and hydraulic clutch release systems. The company has the largest after-market networks serving the industrial and automotive customers.

The scrip fell 1.32% to Rs 3638.90 on the BSE. It traded in the range of 3638.90 and 3799.95 so far during the day.

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Net profit of Schaeffler India rose 20.16% to Rs 113.47 crore in the quarter ended September 2020 as against Rs 94.43 crore during the previous quarter ended September 2019. Sales rose 8.26% to Rs 1120.65 crore in the quarter ended September 2020 as against Rs 1035.17 crore during the previous quarter ended September 2019.

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Schaeffler India will hold a meeting of the Board of Directors of the Company on 28 October 2020.

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Schaeffler India launched a new product called 'OPTIME'. It is an efficient and easy-to-use low-cost solution designed specifically for comprehensive condition monitoring of all process-critical assets across entire machine and equipments. Schaeffler OPTIME provides automated condition monitoring at a cost-effective but efficient manner making it very convenient for maintenance personnel and facility operators. The India launch of OPTIME is a part of the overall launch in the entire Asia Pacific region.

OPTIME is an easily scalable system that consists essentially of wireless, battery powered vibration sensors, a gateway, and an app to visualize the resulting analysis data. The data captured by the sensors are analyzed using specially developed algorithms that draw on Schaeffler's technical expertise, which is developed and refined over many decades. OPTIME provides several weeks' early warning of damage to machine components such as electric motors, fans, and pumps. It also provides early warning of imbalances, misalignments, and knocking.

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