Schaeffler India falls as quarterly profit drops

Schaeffler AG

19/02/2024 04:22

** Shares of auto components maker Schaeffler India
 SCHE.NS  fall as much as 3.7% to 2,951 rupees
    ** Co reports ~6% fall in qtrly profit to 2.17 bln rupees
($26.2 mln) as raw material costs jumped
    ** Raw material costs up 15.2% Y/Y, while revenue grows 3.4%
at 18.55 bln rupees, the slowest in 14 quarters, according to
LSEG data
    ** Stock on track to fall after 3 straight days of gains
    ** Mean rating of analysts on stock is "Hold"; median PT is
3,096 rupees - LSEG data
    ** SCHE last down 3.1%, adding to yearly losses of 7.3% 


($1 = 82.9840 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))