SKF India Q4 net profit rises 42% at Rs 58 crore

Bearings maker SKF India reported a 42.22 percent increase in its net profit at Rs 58.14 crore for the fourth quarter ended December 31. The company had posted a net profit of Rs 40.88 crore during the year-ago period. Net sales of the company declined to Rs 601.87 crore during the quarter, as compared to Rs 605.9 crore during the same period of the previous fiscal, SKF India Ltd said in a regulatory filing. The company follows a January-December financial year. "The fourth quarter of 2015 witnessed moderate growth in manufacturing sector with continued headwinds in several industry segments. Our results are reflective of our continued focus on deeper customer engagement and innovation," SKF India MD and Country Head Shishir Joshipura said. The company remains optimistic that the economy will develop positively on the back of 'Make in India' initiative. The resultant investments will augur well for the growth of the manufacturing sector, he added. SKF India shares today ended at Rs 1,067.80 apiece on the BSE, down 1.12 percent from its previous close.