ICICI Direct: SKF India Holds Ground On The Back Of Auto Sector
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ICICI Direct Report
SKF India Ltd. reported relatively flattish numbers YoY whereas sequentially revenues jumped 133.4%, given a lower base in Q1 and swift recovery witnessed by the auto sector.
Revenue for the quarter was at Rs 703.2 crore, down 5.9% YoY (versus our estimate of Rs 744.1 crore).
Gross margins were at 37.2%, improving approximately 120 basis points YoY while contracting approximately 180 basis points QoQ as steel prices have recovered lately.
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