The Board of Directors of SKF India Limited, India’s leading technology and solutions provider of bearings, seals and related products and services, today approved the audited Financial Results for the year ended December, 31, 2007.

The financial highlights in comparison to corresponding period are given below:

* Net Sales for the year ended December 2007 rose to Rs. 15683 Million (17%). Net sales for the fourth quarter ended December 31st, 2007 amounted to Rs. 4200 million, an increase of 11% over the corresponding period of last year.
* The Profit before Tax for the year ended December 31st, 2007 amounted to Rs. 2473 Million as compared to Rs 1531 million last year showing a growth of 62%. The operating margin during the year 2007 was 15% compared to 11% in the previous year.
* Net profit for the year ended December 31st, 2007 was Rs.1607 million showing a significant growth of 58% as compared to the previous year.
* Earnings per share for the year is Rs.30.5 as compared to Rs.19.3 during the previous year.

Commenting on the occasion, Mr. Rakesh Makhija, Managing Director, SKF India, said,” We are very pleased with our performance in 2007 especially since it coincides with SKF’s 100th year anniversary. As we start the journey towards the next hundred years, our commitment is to grow and innovate towards providing unparalleled value solutions to our customers.

Commenting on the outlook for the current financial year, Mr. Makhija stated that in spite of a not very encouraging business environment for the auto industry, particularly two wheelers, the focused strategy the Company is pursuing would enable it to sustain its growth momentum The Company hopes for better growth in all the platforms in which it operates. The Company continues its focus on growth drivers and remains committed towards its objective of providing its knowledge engineering solutions to its customers .

It is a matter of pride for SKF India to have been declared as winner of the CNBC India Business Leader Award for Talent Management ,conducted by CNBC-TV 18. This award is an indication of the focus that we are putting towards promoting Talent Management practices and reflects the dedicated work and efforts put in by everyone in SKF India.

Sourced From: Avian Media

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