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Our Bureau

Mumbai, Aug. 1 NRB Bearings Ltd, manufacturers of ball and roller bearings, has reported an increase in net profit by 37.7 per cent to Rs 11.69 crore for the first quarter ended June 30 compared with Rs 8.60 crore posted during the year-ago quarter.

The profit is largely attributed to other income amounting to Rs 2.46 crore that is recognised as income arising on account of revaluation of foreign currency loans taken for the purpose of acquiring fixed assets which until the previous year was adjusted to the cost of fixed assets.

It reported a 16.65 per cent increase in net sales to Rs 80.56 crore for the current quarter compared with Rs 69.06 crore in the same quarter last year. The company’s growth is being attributed to exports and aftermarket sales despite sluggish growth witnessed during the first quarter in both two-wheelers and commercial vehicle sales numbers, export and aftermarket sales, said Ms Harshbeena Zaveri, President, NRB Bearings. Exports amounted to Rs 7.30 crore, an increase by 36 per cent for the current quarter as against Rs 5.85 crore in the same quarter last year said Mr S.C. Rangani, Chief Finance Officer of the company. He added that the company’s domestic sales in the aftermarket has grown by 18 per cent this quarter in comparison to the flat growth witnessed in the same quarter an year ago.

The company has finalised plans for civil and utilities work to be completed at the Uttarakhand facility by the end of the current financial year. In Thailand, the factory shed has been acquired and approvals for utilities are to be expected shortly.

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