SKF India Q1 Review - Industrials Keep Margins Buoyant: ICICI Direct
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ICICI Direct Report
SKF reported robust Q1 FY22 results.
Revenue for the quarter came in at Rs 693.5 crore (our estimate of Rs 638.3 crore), up 130.2% y-o-y and down 18.2% q-o-q.
Gross margin came in at 45.4% versus 39% y-o-y and 41.1% q-o-q.
Further, Ebitda margins came in at 16.4% versus 17.5% q-o-q. Absolute Ebitda came in at Rs 113.8 crore (our estimate of Rs 85.2 crore), down 23.3% q-o-q.
Employee cost increased 19.8% y-o-y and 5.3% q-o-q.
Other expenses increased 117.5% y-o-y and declined 1.5% q-o-q.
SKF India's ensuing profit after tax came in at Rs 79.1 crore (our estimate of Rs 56 crore). Tax rate for the quarter was at 25.2%
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