SKF India Q2 net profit down 2 pc at Rs 46 cr

NEW DELHI: Bearings maker SKF India today posted a 1.71 per cent decline in its net profit at Rs 45.8 crore for the second quarter ended June 30, 2013.

The company had posted a net profit of Rs 46.6 crore during the same period of previous year.

Net sales of the company declined to Rs 560.27 crore for the second quarter, as against Rs 576.74 crore during the same period of last year, SKF India said in a filing to the BSE.

"The economic slowdown continued in the quarter and the negative bias in demand was visible across the sectors," SKF India Managing Director Shishir Joshipura said.

"Our efforts at aligning our operations with market demands coupled with continued focus on enhancing delivered value to our customers enabled us to deliver a steady performance," he added.

Shares of SKF India today closed at Rs 504.70 apiece on the BSE, up 2.83 per cent from their previous close.