Schaeffler India Limited Announces Q2 and H1 2024 Results
Double-digit growth in Q2, strong revenue momentum in domestic and intercompany exports, volume gains, and effective cost management sustain earnings quality
Pune | 23 July 2024 | Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), a leading Motion Technology Company, announced that its Board of Directors has approved the financial results for the second quarter and half-year ended June 30, 2024.
April – June 2024 (Q2)
- Revenue: INR 20,719 million, up 13.3% YoY and 12.0% QoQ
- PBT (before exceptional items): INR 3,399 million, up 6.9% YoY, with a margin of 16.4% (Q2 2023: 17.4%, Q1 2024: 16.5%)
- Net Profit: INR 2,535 million, with a net profit margin of 12.2%
January – June 2024 (H1)
- Revenue: INR 39,212 million, up 11.3% YoY
- PBT (before exceptional items): INR 6,456 million, up 5.5% YoY, with a margin of 16.5% (H1 2023: 17.4%)
- Net Profit: INR 4,812 million, with a net profit margin of 12.3% (H1 2023: 13.0%)
Comments from Management
Mr. Harsha Kadam, Managing Director and CEO, stated, “As we progress through 2024, our domestic business growth has accelerated, and intercompany exports have maintained momentum. Our margins reflect broad-based performance across businesses and a focused approach to cost management. We are committed to delivering on our financial and operational metrics, creating long-term value for stakeholders, and upholding our commitment to our environmental, social, and governance framework.”
About Schaeffler Group
For over 75 years, the Schaeffler Group has been a pioneer in motion technology, driving groundbreaking inventions and developments. The company offers innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies. Schaeffler is a reliable partner for making motion more efficient, intelligent, and sustainable throughout its lifecycle. The company manufactures high-precision components and systems for drivetrain and chassis applications and provides rolling and plain bearing solutions for numerous industrial applications. In 2023, Schaeffler generated sales of EUR 16.3 billion. With around 83,400 employees, it is one of the world’s largest family-owned and most innovative companies in Germany.