For the quarter from July to September this year (Q3), Schaeffler India has clocked a total revenue from operations (net) of Rs. 11,207 million, higher by 155.3% than the preceding quarter and 8.3% higher than the corresponding quarter of 2019. Revenue from operations (net) for the quarter grew by 20.7% compared to Q1 2020 (pre lockdown period).
For the first nine months of the year, from January to September, the company’s total revenue from operations (net) was Rs. 24,881 million, lower by 25.2% than the corresponding period of 2019.
Commenting on the results and financial performance of the company, Harsha Kadam, Managing Director, said: “We continue to witness green shoots of recovery, across various sectors as the economy starts to crawl back to normalcy. However, we are still not out of the woods. During the quarter, both our Automotive and Industrial segments have shown resounding performance, responding to strong demand from certain segments, especially the tractor, passenger vehicle, industrial distribution and wind sectors. We continue with our efforts aimed towards responding to crisis with agility and ensuring business continuity with a cautiously optimistic outlook. We have managed to weather the storm and demonstrated that our fundamentals are strong.”