Auto parts maker Schaeffler India posts rise in Q1 profit on better demand

Schaeffler AG

25/04/2024 14:24

BENGALURU, April 25 (Reuters) - Auto components maker Schaeffler India  SCHE.NS  on Thursday reported
a 3.8% rise in first-quarter profit, boosted by demand in its automotive segment. 
    The Indian unit of Germany's Schaeffler AG  SHA_p.DE  said profit rose to 2.28 billion rupees ($27.36
million) for the three months ended March 31 from 2.19 billion rupees a year earlier. 
    Revenue from operations rose 9.2% to 18.49 billion rupees.
        
  
        For further earnings highlights, click (Full Story)   
    
KEY CONTEXT

    Demand from passenger vehicles and two-wheelers had been favourable for auto ancillaries on a
year-on-year basis. Schaeffler and SKF India  SKFB.NS  are the leading players in the over $2 billion Indian
bearings market.
    Analysts expected Schaeffler to register the highest revenue and profit growth among peers. Smaller peers
SKF India and NRB Bearings Ltd  NBEA.NS  are yet to report quarterly results.
    

PEER COMPARISON     
    
                              Valuation (next   Estimates (next 12 months)  Analysts' sentiment        
                              12 months)                                                               
                   RIC        PE     EV/EBITDA  Revenue growth%  Profit     Mean     # of    Stock to  Div
                                                                 growth%    rating*  analys  price     yield
                                                                                     ts      target**  (%)
 Schaeffler India   SCHE.NS   45.96  30.45      12.67            16.36      Hold     9       1.08      0.79
 Ltd                                                                                                   
 SKF India Ltd      SKFB.NS   34.92  25.60      11.35            22.49      Buy      9       0.92      0.87
 NRB Bearings Ltd   NBEA.NS   26.24  19.88      9.99             -49.85     Strong   1       0.88      1.43
                                                                            Buy                        
 Timken India Ltd   TIMK.NS   46.06  35.36      9.87             24.03      Hold     5       1.03      0.05
 
* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading
above the PT

    
    JANUARY-MARCH STOCK PERFORMANCE 
    
    
    

    
    -- All data from LSEG

    -- $1 = 83.3330 Indian rupees  
    

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Schaeffler jan - march stock perf    https://tmsnrt.rs/3QbYqLe
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 (Reporting by Meenakshi Maidas in Bengaluru; Editing by Sherry Jacob-Phillips and Sohini Goswami)
 ((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))