SKF India, technology and solutions provider of bearings, seals, lubrication systems, mechantronics and services said that its net profit rose 35.60% to INR 55.69 crore in the quarter ended September 2011 as against INR 41.07 crore during the corresponding period last year.

The company’s sales also rose by 13.87% to INR 599.75 crore in the quarter ended September 2011 as against INR 526.70 crore during the previous quarter ended September 2010.

Mr Shishir Joshipura MD of SKF India said that the company plans to spend Rs 150 crore over various augmentation facilities in FY12, which will be financed through internal accruals. He added that the company is doubling its capacity for hub bearings and adding capacity for medium size ball bearings.

Mr Joshipura further said that "High inflation, increasing input costs and a high interest rate regime continued to put pressure on performance. The quarter saw continued moderation in demand in some sections of the automotive sector. However, we remain positive about the sustained growth opportunities in the medium to long term even as near term outlook remains challenging.”

(Sourced from PTI)