Sequentially, the company's net profit and revenue were lower by 5.03% and 5.63%, respectively.

Net profit margin improved to 13% in the quarter ended 31 March 2023 as compared to 12.9% posted in Q4 CY22.

Profit before tax in Q1 CY23 was at Rs 294.12 crore, up 6.11% as against Rs 277.19 crore reported in Q1 CY22. PBT margin for the quarter stood at 17.4% in Q1 CY23 as compared with 17.7% posted in the corresponding quarter previous year.

Total expenses grew by 9.3% year on year to Rs 1,432.19 crore during the quarter. Cost of materials consumed stood at Rs 771.45 crore (up 18.19% YoY) and employee benefits expense was at Rs 113.89 crore (up 9.12% YoY).

Harsha Kadam, managing director of Schaeffler India, said, “The automotive technologies and automotive aftermarket business registered strong YoY growth. Our balanced business portfolio and focus on operational efficincies helped us to mitigate the external headwinds resulting in resilient margins. As we move ahead in 2023, we remain committed to continue our growth trajectory while taking cognizance of the volatality and challenges in the market enviornment.”

Schaeffler India has been present in India for over 60 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. The company is among the largest industrial and automotive suppliers. It also has the largest after-market networks serving the industrial and automotive customers.

Shares of Schaeffler India declined 2.69% to Rs 2,955 on the BSE.