SKF India records remarkable growth

The Board of Directors of SKF India Limited, the country's leading technology and solutions provider of bearings, seals, lubrication systems, mechatronics and services, recorded encouraging growth as per its unaudited Financial Results for the third quarter and nine months ended December 31, 2016, said the company in an official statement, adding that the net sales for the third quarter ended in December 2016, amounted to INR 7074.2 million registering a growth of 8.9 percent, compared to the corresponding quarter of the previous year and 0.3 percent as compared to the preceding quarter. The Profit after tax for the third quarter ended in December 2016, amounted to INR 653.4 million registering a growth of 16.1% over the corresponding quarter of the previous year. According to Managing Director and Country Head, SKF India, the results for the quarter reflect the positive effect of several initiatives rolled out by the company to consolidate leadership position in the market; even as this quarter's economic activity was significantly impacted by demonetization. The economic activity is expected to recover in near term and expected an encouraging development in economic environment to drive the momentum further.