Schaeffler India Limited announces Q1 results for th period ended March 31, 2020
All plants and warehouses are now partially operational
Operations started post government approval, following strict adherence to safety guidelines
Leading industrial and automotive supplier, Schaeffler India Limited today announced that the Board of Directors approved the results for the first quarter, ended March 31, 2020.
January – March 2020
Total revenue from operations (net) for the quarter was INR 9,285 million, lower by 10.4% than the preceding quarter and 20.8% lower than the corresponding quarter of 2019.
PBT (before exceptional items) for the quarter was INR 1,101 million, lower by 11.3% than the preceding quarter and 32.3% lower than the corresponding quarter of 2019.
Commenting on the results and financial performance of the Company, Mr. Harsha Kadam, Managing Director, said, "After facing economic headwinds in 2019, we had started the year with an optimistic view. Even before gaining a complete momentum, economy came to a grinding halt due to Covid-19 pandemic. Despite adverse impacts during the quarter due to shutdown of operations since 23rd March, the PBT margin for the quarter was achieved at the same level as the preceding quarter.These are unprecedented times, calling for unprecedented measures. Although the operations have started, we are not at our optimum level and neither are our customers. Due to this prolonged uncertain environment, we have prepared ourselves to respond to market with flexibility and agility in coming weeks and months. In addition to our continued efforts towards cost management and cost flexing, we will be intensifying focus on working capital management and cash management to ensure financial stability.”
Resumption of operations
Along with the financial performance, Schaeffler India also announced the resumption of operations in all four plants. The first one to restart operations was Savli and thereafter the operations resumed in Maneja, Talegaon and Hosur plants, respectively. In addition to plants, operations also resumed across all its warehouses in Vadodara, Gurgaon, Chennai and Mumbai. Currently all operations have started as per government approval and norms with permitted number of employees, following all safety norms directed by the MHA.
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