SKF India announced a 6% rise in net profit at INR 51.5 crore for the quarter ended June 30th 2011. the company’s net sales for the Swedish company's domestic subsidiary rose 18% to INR 595.7 crore.

Mr Shishir Joshipura MD of SKF India said that “Our second quarter has shown a steady performance in a moderating Indian economy. Operating margin was impacted by high inflationary pressures, adverse currency movements and higher commodity prices.”

He added that “India's economy is facing some near term challenges even as the longer term outlook remains encouraging. The company is taking steps to sustain the growth momentum given its presence in diverse sectors of the economy and leadership position in the sectors in which it operates.”

(Sourced from BL)