SKF India (500472) Q4 99/00 earnings summary

Executive summary

• FY ended Dec. 31, 2000 sales were ₹36,652.54 lacs; comparison period was nine months ended Dec. 31, 1999, so periods are not comparable.

• Profit before extraordinary item and tax was ₹3,173.93 lacs; after a ₹2,350.00-lac VRS charge, profit before tax was ₹823.93 lacs and net profit ₹685.94 lacs.

Financial highlights

• Net sales were ₹36,652.54 lacs versus ₹27,395.07 lacs for the prior nine-month period; miscellaneous income was ₹3,421.20 lacs versus ₹1,156.36 lacs.

• Miscellaneous income included ₹2,383.39 lacs profit on fixed-asset sales; this was recorded net of ₹145.29 lacs renovation costs for the new office.

• Manufacturing and other expenses were ₹30,052.23 lacs; depreciation ₹4,050.56 lacs; net interest ₹2,797.02 lacs.

• Proposed dividend was 15%; dividend and dividend tax appropriations totaled ₹462.46 lacs.

Outlook and guidance

• FY 2001 demand for products and services was expected to grow in most segments versus 2000–01, despite a lower GDP growth forecast and slower industrial activity.

• Management hoped the forthcoming budget would lift industrial production from prevailing levels.