Net sales during the quarter increased by 41.8% year-on-year (YoY) to Rs 1,316.82 crore. Profit before tax (PBT) in the first quarter stood at Rs 185.97 crore, up 69% from Rs 110.07 crore reported in the same period last year.

Commenting on the results, Harsha Kadam, managing director, said, After a strong come back in the second half of 2020, we posted another strong quarter aided by the continued demand uptick and new business wins.

While the revenues during the quarter have been one of the best so far, rising commodity costs put pressure on margins, while we continue our focus on cost discipline.

The external scenario is quite volatile as the second wave of COVID-19 is not showing any signs of ebbing and that can potentially disrupt trade and dampen consumer spirits. We are monitoring the situation closely and we hope that the demand scenario continues its momentum.

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.

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Net profit of Schaeffler India rose 78.10% to Rs 139.54 crore in the quarter ended March 2021 as against Rs 78.35 crore during the previous quarter ended March 2020. Sales rose 41.82% to Rs 1316.82 crore in the quarter ended March 2021 as against Rs 928.54 crore during the previous quarter ended March 2020.

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Schaeffler India will hold a meeting of the Board of Directors of the Company on 26 April 2021.

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Schaeffler India announced that the 58th Annual General Meeting (AGM) of the company will be held on 27 April 2021.

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