Shares of Schaeffler India climbed over 4 percent in the early morning trade on the BSE on Thursday. The share surge can be attributed to the company's strong performance in the April-June quarter.

Share Market Live

NSE

At 12:48 pm, the shares of the industrial and automotive component supplier company ended the day at Rs 2,596.75, up 3.72 percent on the BSE.

The stock has had a series of increases in recent times and is just 5 percent away from touching its 52-week high of Rs 2,675. Its shares have zoomed over 45 percent in the past six months.

Also read: Schaeffler India targets double-digit growth; plans to invest Rs 1,000 cr in 3 years

Financial results

In its financial earnings report released on July 27, the company reported a 76 per cent year-on-year growth in net profit at Rs 225.75 crore for the quarter ending June 30.

The total income stood at Rs 1,765.03 crore during the period ended June 30, 2022, a 41 percent increase from the corresponding period last year. The operating margin stood at 15.2 percent.

"The growth momentum is backed by our diversified portfolio, and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure," Harsha Kadam, Managing Director of Schaeffler India, said in a regulatory filing.

Also read: Schaeffler India: Expect to cross Rs 5,000 crore in sales growth, 75% localisation achieved

In an investor presentation, Schaeffler India mentioned that the increase in volumes and new business developments contributed to the strong profit and revenue. The margins were boosted on the back of strong volume gains and countermeasures.

The company plans to prioritise capital allocation and track its investment strategy for the rest of the year. Schaeffler India is among the top three suppliers for many leading OEMs in India.

Catch up on all LIVE stock market updates here.

First Published:Jul 28, 2022 3:49 PM IST