By Lily Bearings
©2004-2008
SKF India Ltd. (a publicly-traded subsidiary of SKF AB, Sweden) reported results for fourth quarter and fiscal year 2007.
Sales for the year were Rs 15.7 billion (USD $369 million), up 17% from 2006.
Net operating margin reached 15%, a strong improvement over 2006's 11%.
Net profit for the year hit Rs 1.6 billion ($39 million), up more than 58% from 2006.
Rakesh Makhija, SKF India Managing Director, said: "We are very pleased with our performance in 2007 especially since it coincides with SKF's 100th year anniversary. As we start the journey towards the next hundred years, our commitment is to grow and innovate towards providing unparalleled value solutions to our customers."
Looking forward to the remainder of 2008, Mr. Makhija noted economic pressures have continued to hurt India's core automotive industry, and even the two wheeler market. He indicated SKF India would continue stay on track to pursue organic growth strategies in its existing markets, and also focus on adding profitable value-added products and solutions to the mix.