Schaeffler India Limited announces Q2and Half yearly results for the period ended June 30, 2020

·         All plants and warehouses are operational and catering to the market demand as per order book ·         All operations being carried out following strict adherence to safety guidelines

Pune|24 July 2020|Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the second quarter and half year, ended June30, 2020.

April – June 2020 (Second quarter)

·         Total revenue from operations (net) for the quarter was INR 4,389 million, lower by 52.7% than the preceding quarter and 60.7% lower than the corresponding quarter of 2019.

PBT (before exceptional items) for the quarter was INR -567 million.

January – June 2020 (Half year)

·         Total revenue from operations (net) for the six monthsperiod was INR 13,674 million, lower by 40.3%  than the corresponding period of 2019.

PBT (before exceptional items) for the period was INR 534 million.

Commenting on the results and financial performance of the Company, Mr. Harsha Kadam, Managing Director, said, “The economy and market has just survived a high  magnitude pandemic effect. After a full month of lockdown in April, and a staggered resumption of operational activity in May and June, we could manage to curtail our effective production loss to 52 days during the quarter as against a prolonged nationwide lockdown .  This impacted the operational performance significantlyand thereby resulted into a loss situation during the quarter. While it is not possible to predict normalization of market and economy, our efforts are aimed towards responding to crisis with agility and ensuring business continuity without losing sight of the future. We have managed to weather the storm and demonstrated that our fundamentals are strong.  While slow demand still continues, we are looking at a betterH2 2020 against the challenges ahead“.

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 10 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 43.6 billion in 2019 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.