SKF India Q1 Review – Industrials Keep Margins Buoyant: ICICI Direct

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

SKF reported robust Q1 FY22 results.

Revenue for the quarter came in at Rs 693.5 crore (our estimate of Rs 638.3 crore), up 130.2% y-o-y and down 18.2% q-o-q.

Gross margin came in at 45.4% versus 39% y-o-y and 41.1% q-o-q.

Further, Ebitda margins came in at 16.4% versus 17.5% q-o-q. Absolute Ebitda came in at Rs 113.8 crore (our estimate of Rs 85.2 crore), down 23.3% q-o-q.

Employee cost increased 19.8% y-o-y and 5.3% q-o-q.

Other expenses increased 117.5% y-o-y and declined 1.5% q-o-q.

SKF India’s ensuing profit after tax came in at Rs 79.1 crore (our estimate of Rs 56 crore). Tax rate for the quarter was at 25.2%

Click on the attachment to read the full report:

ICICI Direct SKF Q1FY22 Result Update.pdf


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