FAG Bearings India Q3 report
Monday, 20. October 2008
FAG Bearings India disclosed a substantial rise in its standalone net profit for the third quarter ended September 2008.
FAG Bearing clocked 31.3% growth in net sales of Rs212.8 crore, which exceeded our expectations of Rs175 crore. The company recorded operating margins of 21.8% as against 22% in Q3CY07, representing a drop of 20bps lean.
This is mainly due to the rise of 466bps in raw material costs representing over 61% of sales (56.4% in Q2CY07). However, the same was put out of the yoy decline in labor and other manufacturing costs (as% of sales) by 295bps and 45bps respectively.
The company posted earnings of Rs 18.73 a share during the quarter, registering 42.33% growth over prior year period.FAG Bearings manufacture and sell anti-friction ball bearings and cylindrical and spherical roller bearings. ina bearings It has technical and financial collaboration with Fag Kugelfischer Gerog Schaefer AG, Germany.
