Schaeffler India Limited — Interim / Quarterly Report 2020

Feb 16, 2021

SCHAEFFLER

Schaeffler India Limited - Pune- Maharashtra

MUMBA|- 400 001

Company Code: 505790

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C — 1, Block G, Dalal Street, Bandra—Kurla Complex, Bandra (E) MUMBA|— 400 051

Company Code: SCHAEFFLER

16/02/2021

Sub: Outcome of Board Meeting

Dear Sirs,

Pursuant to Regulation 30 read with Schedule III, 33 and 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its meeting held today has inter alia:

• 1. Approved the Audited Financial Results of the Company for the quarter and year ended December 31, 2020;
• 1. Recommended a Dividend of Rs. 38/- per Equity Share of face value of Rs. 10/- each. The Dividend forthe year ended December 31, 2020 if declared by the Shareholders at the ensuing Annual General Meeting (AGM) shall be paid within 30 days from the date of AGM;
• Approved the shifting of Registered Office of the Company from jurisdiction of Registrar of Companies, Mumbai to Registrar of Companies, Pune within the State of Maharashtra, subject to the approval of the Shareholders at the ensuing Annual General Meeting and Statutory Authorities;
• Approved the convening of 58"' AGM of the Company scheduled to be held on Tuesday, April 27, 2021 at 3:30 p.m. through video conferencing or other audio visual means and the closure of the Register of Members and Share Transfer Books ofthe Company from Tuesday, April 21, 2021 to Tuesday, April 27, 2021, both days inclusive, for the purpose of 58"' Annual General Meeting and identifying the list of members eligible for the payment of Dividend.
• Approved the appointment of M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) as the Statutory Auditors of the Company for a period of 5 years from the conclusion of the 58"' Annual General meeting to conclusion of

Schaeffler India Limited Corporate Office: 15th Floor, (ASTP) Amar Sadanand Tech Park, Baner, Pune-411045, Maharashtra, Registered office: Nariman Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point, Mumbai 400 021, Maharashtra, India, Phone +91 22 6681 4444, Fax +91 22 2202 7022, www.schaeff|er.co:in, info.in@schaeff|er.com, CIN: L2913GMH1962PLCO12340-

Phone: +91 8669613701

SCHAEFFLER

63'" Annual General Meeting, subject to the approval of the '*""°" Shareholders at the ensuing Annual General Meeting.

Please find enclosed herewith the following -

• Audited Financial Results for the quarter and year ended December 31, 2020;
• o Auditor's Report on the Audited Financial Results for the Quarter and Year ended December 31, 2020;
• o Press Release.

Declaration —

We hereby declare that the Statutory Auditors of the Company M/S. B S R & Co. LLP, Chartered Accountants (Reg. No. 101248W / W-100022), Mumbai have issued the Audit Report with unmodified opinion in respect of Annual Audited Financial Results for the year ended December 31, 2020.

The Board Meeting commenced at 14.30 hours IST and concluded at 13 ' 4 5 hours IST.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

For Schaeffler India Limited

Ashish Tiwari, VP - Legal & Company Secretary

Enc|.: As above

SCHAEFFLER INDIA LIMITEDCIN: L29130MH1962PLC012340Regd.Office : Nariman Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point, Mumbai - 400 021Ph, +91 22 66814444; Fax; +91 22 22027022 Website; www.schaeffler.co.in

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2020

Sr.	Particulars			(Amount in < million except per share data)
No.		Three Months EndedDec 31, 2020Sep 30, 2020		Doc 31, 2019	Year-To-Date
		Audited(rafer Note 2)	Unaudited	Audited(refer Nota 2)	Dec 31, 2020 Dec 31, 2019Audited	Audited
$\mathbf 1$	Income
	(a) Revenue from operations	12,737.7	11,206.5	10,3647	37.618.4
	(b) Other Income	165.1	126.2	206 5	603.0	43.6063
	Total Income	12,892.8	11,332.7	10,571.2		632 1
$\mathbf{z}$	Exponsos				38,221.4	44,238.4
	(a) Cost of materials consumed
	(b) Purchases of stock-in- trade	4,849.4	4.0579	3,781.5	13.8964	17,307.5
	(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress	3,292.0	1.823.1	1.395 1	8.9123	10,030 1
	(d) Employees benefits expense	(324.4)	1,190.5	1,4489	5227	158.3
	(a) Finance costs	848.3	8235	8033	3.535.5	3.4517
	(I) Depreciation and amortisation expense	24.7	91	10.6	52.4	347
	g) Other expenses	510.6	4857	424.6	1,9397	1,5871
	Total Expenses	1,581.7	1.415.5	1,466.1	5.390.3	6,3228
		10,982.5	9,605.3	9,330.1	34,249.3	38,692.2
3	Profit before exceptional items and tax (1 - 2)
4	Exceptional items - Rafer note 4	1,910.3	1,527,4	1,241.1	3,972.1	5,346.2
5	Profit before tax (3 - 4)					34
6	Tax exponse	1,910.3	1,527.4	1,241.1	3,972.1	5,342.6
	(i) Current tax
	(ii) Deferred tax charge / (credit)	518.2	4304	3436	1.179.1	1,594 6
$\overline{r}$	Profit for the pariod (5 - 6)	(24.1)	(377)	52.0	(116.7)	71.8
8	Other Comprehensive Income / (Loss)	1,416.2	1,134.7	845.6	2,909.7	3,676.4
	A (i) Items that will not be reclassified to profit or loss
	(ii) income lax relating to items that will not be reclassified to profit or loss	(34.5)	(10.3)	(389)	(45B)	(42.8)
		8.7	2.6	68	115	B 3
	B (i) Items that will be reclassified to profit or loss	¥				75.5
	(ii) income fax relating to items that will be reclassified to profit or loss			×		(26.4)
	Total Comprehensive Income for the period (comprising Profit and Other ComprehensiveIncome for the period) (7 + 8)	1,390.4	1,127.0	813.4
0	Paid-up equity share capital (face value of ₹ 10 per share)				2,875.4	3.691.0
10	Other equily	312.6	312.6	312.6	312.6	312.6
11	Earnings per equity share (of ₹ 10 each) (not annualised)				31.0903	29,309.0
	(a) Basic (in t)
	(b) Diluted (in ₹)	46.3	363	270	931	1176
		45.3	36.3	270	931	1175

ER IND

SCHAEFFLER INDIA LIMITEDCIN: L29130MH1962PLC012340Regd.Office : Nariman Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point, Mumbai - 400 021Ph: +91 22 66814444; Fax; +91 22 22027022 Website: www.schaeffler.co.in

Sr.No.	Particulars	As atDec 31, 2020Audited	As atDec 31, 2019Audited
A)	ASSETS
1	Non-current assets
	a) Property, plant & equipment	9,258.6	8.9434
	b) Right of use assets	788.3
	c) Capital work-in-progress	1,604.1	1,6625
	d) Other intangible assets	1.5	2.5
	e) Financial assets
	$(i)$ Loans	96.3	953
	(ii) Olhar financial assets	763.5	1,391.4
	f) Deferred tax assets (nel)	383.2	2350
	g) Non-current tax assets (nal)	1,002.9	8148
	h) Other non-current assets	481.4	660 5
	Total Non-current assets	14,369.8	13,805.4
$\mathbf{2}$	Current assets
	a) Inventories	7,136.3	7,2049
	b) Financial assets
	(i) Trade receivables	6,917.2	6,3194
	(ii) Cash and cash equivalents	2,108.0	1,159 1
	(iii) Bank balances other than (ii) above	10,351.0	7,1945
	(iv) Loans	49.9	784
	(v) Other financial assets	1739	244.2
	c) Other current assets	4082	4464
	Total Current assets	27,144.5	22,646.9
	TOTAL ASSETS	41,514.3	36,452.3
B)	EQUITY & LIABILITIES
1	Equity
	a) Equity share capital	312.6	3126
	b) Other squity	31,090.3	29 309 0
	Total Equity	31,402.9	29,621.6
$\overline{\mathbf{2}}$	Liabilities
	Non-current liabilities
	a) Financial Habilities
	(i) Lease liabilities	566.2
	(ii) Other financial liabilities	23.5	33.5
	b) Provisions	402.9	4214
	Total Non-current liabilities	992.6	454.9
	Current liabilities
	a) Financial liabilities
	(i) Lease liabilities	84.7	3
	(ii) Trado payables
	a) Total outstanding dues of micro enterprises and small enterprises	50.3	189
	b) Total outstanding dues of creditors other than micro enterprises and small enterprises	7,6363	4.972.6
	(iii) Other financial fisbilities	879.9	1,0353
	b) Other current liabilities	98.8	1332
	c) Provisions	256.3	186 2
	d) Current lax liabilities (nat)	12.5	296
	Total Current Habilities	9,118.8	6,375.8
	Total Liabilities	10,111.4	6,830.7

AAAAAA CORNER

SCHAEFFLER INDIA LIMITEDCIN: L29130MH1962PLC012340Regd.Office : Nariman Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point, Mumbai - 400 021Ph, +91 22 66814444; Fax; +91 22 22027022 Website: www.schaeffler.co.in

Cash Flow Statement		Year endedDec 31, 2020		Year endedDec 31, 2019
	Audited		Audited
Cash flows from operating activities
Net profit before tax		3.072.1		5.3428
Adjustments:
Depreciation and amortisation	1,939.7		1,587.1
Finance costs	52.4		347
Interest income	(562.9)		(507.2)
(Profit) / Loss on sale of assets (net)	(0.1)		(14)
Unrealised exchange loss / (gain) (net)	(65.1)
Bad debts written off			28.9
	24.8		14.7
Operating cash flow before changes in working capital		1,388.8		1.156 8
		5,360.9		8,499.6
(Increase) / decrease in inventories
(Increase) / decrease in trade and other receivables	(398.3)		1,664 2
Increase / (decrease) in trade and other payables	(655.3)		1.5779
Increase in other liabilities and provisions	2,967.2		(3.2/1.6)
	601.7		2609
		2.515.3		2314
Cash generated from operating activities		7.878.2		6,731.0
Income lax paid (net of refunds)		(1, 384.3)		(1, 633.3)
Not cash from operating activities		5,491.9		5,097.7
Cash flows from investing activities
Purchase of property, plant and equipment (tangible and intergible, capital work in progress,capital advance and capital creditors)
Proceeds from sale of property, plant and equipment	(2.3769)		(3,202,5)
(investment in) bank deposits (with original maturity of more than 3 months and remaining	0.2		39
maturity of less than 12 months)	(2,628.6)		(1.029.8)
Interest received	580.8		5707
вNot cash used in investing activities		(4,324.5)		(3, 657.7)
Cash flows from financing activities
Financo costs paid	(62.4)		(347)
Proceeds from repayment of loans			35.3
Payment of lease liabilities×	$\epsilon$
Repayment of borrowings	(72.0)		٠
Dividends paid on equity shares			(576.4)
Dividend distribution tax	(1,094.1)		(937.3)
cNet cash used in financing activities			(192.8)
		(1,218.5)	×	(1, 705.9)
Net (decrease) / increase in cash and cash equivalents (A + B + C)		948.9		(265.9)
Cash and cash equivalents at the beginning of periodCash and cash equivalents at the and of period		1,159.12,108.0		1,42501,159.1

The above cash flow statement has been prepared under the Indirect Method as set out in Ind AS 7 - Statement of Cash Flows notified pursuant to Section 133of the Companies Act, 2013 ('the Act')

SCHAEFFLER INDIA LIMITED

CIN: L29130MH1962PLC012340

Regd.Office : Nariman Bhavan, 8th Floor, 227 Backbay Reclamation, Nariman Point, Mumbai - 400 021 Ph, +91 22 66814444; Fax, +91 22 22027022 Website: www.schaeffler.co.in Email: investorsupport.in@schaeffler.com

Notes

The above financial results for the quarter and year ended December 31, 2020 were reviewed by the Audil Committee at their meeting held on February 16, 2021 andapproved by the Board of Directors at their meeting held on F

The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures up to the third $\overline{c}$ quarter of the respective financial year. Also the figures up to the end of the third quarter were only reviewed and not subjected to audit

$\overline{\mathbf{3}}$ As per 'Ind AS 108 - Operating Segments', the Company has reported segment information under two segments i.e. 1) Mobility components and related solutions and 2) Olhers

	Three Months EndedParticulars				Year-To-Date
		Dec 31, 2020	Sep 30, 2020		Dec 31, 2019 Dec 31, 2020	Dec 31, 2019
		Audited(refer Note 2)	Unaudited	Audited(refer Note 2)	Audited	Audited
(a)	Sogment Revenue (Net revenue / income)
	Mobility components and related solutions	10.398.0	9.0423	8.1395	30,0638	35 015 9
	Olhers	2.3397	2.1642	2 2 2 5 2	7,554.6	8,590 4
	Revenue from operations	12,737.7	11,206.5	10,384.7	37,618.4	43,606.3
(b)	Segment Results (Profit / (Loss) before finance cost and tax)
	Mobility components and related solutions	1,348.6	1 038 3	7395	2.4224	3.6409
	Others	431.3	3720	355 6	999 1	1.1578
	Total profit / (loss) before finance costs and tax	1,779.9	1,410.3	1,095.1	3,421.5	4,798.7
	Less : Finance cost	24.7	91	106	524	347
	Lass : Unallocable excenses					34
	Add : Unallocable Income	155.1	126 2	156.6	6030	5822
	Profit / (Loss) before tax	1,910.3	1.527A	1,241.1	3.972.1	5,342.8
(c)	Segment assets
	Mobility components and related solutions *	23.2274	22.9175	21.7815	23,2274	21.7815
	Others	2,896.2	3,033 1	2.664.3	2.8962	2.6643
	Unallocaled	15,390.7	12,1250	12.006 5	15,3907	12,006.5
	Total assets	41,514.3	38,075.6	36,452.3	41,514.3	36,452.3
(d)	Seament liabilities
	Mobility components and related solutions	7,395.1	5,7576	4,639.0	7.3951	4,6390
	Others	1.637.4	1.3084	1.015.5	1,6374	1.0155
	Unallocated	1.078.9	1,0110	1.176.2	1,078.9	1,176.2
	Total Habilities	10,111.4	8,077.0	6,830.7	10,111.4	6,830.7
(e)	Net capital employed	31,402.9	29,996.6	29.621.6	31,402.9	29,621.6

Property, plant and equipment (PPE) of the Company is predominantly used for 'Mobility solutions and related components' and hence has been disclosed as a segment asset under that reportable segment

Exceptional litems pertain to provision for professional/consulting fees and other costs incurred pursuant to the Scheme of amalgamation.

Effective January 1, 2020, the Company has adopted Ind AS 116 - Leases and applied it to all lease confracts existing on January 1, 2020 using the modified retrospective $\overline{5}$ approach with no impact to retained earnings on the date of adoption. Accordingly, the comparatives have not been retrospectively adjusted. On transition, the adoption of thenew standard resulted in recognition of Right-o effect of this adoption on the profit for the year and earning per share has not been significant.

On account of the spread of COVID-19, the Government of India had imposed a complete nation-wide lockdown on March 24, 2020 leading to snut down of the Company'sInanufacturing facilities and logistics operations. Since th $\overline{6}$ businesses to resume operations in a phased manner. The Company had resumed its manufacturing facilities post mandatory lockdown. The Company's operations haveresumed to near normalcy in second half of 2020 and there is n management is continuously and closely monitoring the developments and possible effects that may result from the current pandemic on its financial condition, liquidity andoperations and is actively working to minimize the

The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2020 at the rate of ₹ 38.0 per share (2019 ₹ 35.0 per equity share, $\overline{I}$ including special one time dividend of ₹ 10)

As per our report of even date attached BSR&Co.LLP Chartered Accountants pg. No. 101248W / W-100022

Niray Patel Partner Membership No. 113327

For and on behalf of the Board

والأسالية $-124$

Harsha Kadam Managing Directo DIN: 07736005

February 16, 2021

BSR&C0.LLP

303, 3rd Floor, Ocean Building, Teiephone +91 (265) 619 4200 Beside Center Square Mall, Opp. Vadodara Central Mall, Dr. Vikram Sarabhai Marg, Vadodara, India - 390023.

Independent Auditors' Report on audited annual financial result of Schaefflcr India Limited pursuant to the Regulation 33 ofthe Securities and Exchange Board oflndia ' (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Schaeffler India Limited

Report on the audit ofFinancial Results

Opinion

We have audited the accompanying annual financial results oi' Scliaetllei" lndia Limited ( the Company") for the year ended 3l December 2020, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

ln our opinion and to the best of our infonnation and according to the explanations given to us, the aforesaid annual financial results:

• (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards, and other accounting principles generally accepted in India, ofthe net profit and other comprehensive income and other financial information ofthe Company for the year ended 3l December 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAS) specified under section l43(lO) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor '.9 Re.$p0nsibilifie.s for the Audit Q/"the Financial Results section of our report. We are independent of the Company, in accordance with the Code 01' Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the annual financial results.

E.'[anagement's and Board of Directors' Responsibilities for the Financial Results

These annual financial results have been prepared on the basis of the annual financial statements. The Company's Management and Board of Directors are responsible for the preparation ofthese financial results that give a true and fair view of the net profit and other comprehensive income and other financial iiiformation of the Company in accordance with the Indian Accounting Standards prescribed under Section 133 ofthe Act read with rele-'a.r:t rules _' i- Regulation 33 ofthe Listing Regulations. Oi§=5llr.?Cl thereunder and other accounting principles generally accepted in lndia and in compliance

l/Ianagcment's and Board of Directors' Responsibilities for the Financial Results (Continued)

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding ofthe assets ofthe Company and forpreventing and detectingfrauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board ofDirectors is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit ofthe Financial Results

Our objectives are to obtain reasonable assurance about whether the annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit0r's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis ofthese annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• 0 Identify and assess the risks of material misstatenient ofthe financial results, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the c-ircumstances. Under Section 143(3) (i) ofthe Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statenients in place and the operating effectiveness of such controls,
• ~ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the financial results made by the llZ'.!.[t:[il-'._'!1i and Board of Directors.

Auditor's Responsibilities for the Audit of the Financial Results (Continued)

• 0 Conctude on the appropriateness oi' the Management and Board of Directors use ofthe going concern basis oi' accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Coinpany's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. I-Iowever, future events or conditions may cause the Company to cease to continue as a going concern.
• v livaluate the overall presentation, structure and content ofthe annuai financiai results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governanc-e with a statement that we ha.ve compiied with relevant" ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicabie, related safeguards.

Other matter

The annual financial results inciude the results for the quarter ended 31 December 2020 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which is subject to limited review bv us.

For B S R & Co. LLP Charteredi<lcc0unmnrs Firm Registration Number: 101248"/',='W-100022

D _oW

Nirav Pate] Place: Mumbai Partner Date: l6 February 202l Menibership No. l i332? UDIN: 21 l l3327,~\AAA.#\Ci59t37

Press Release

Schaeffler India Limited announces Q4 and Full Year results for the period ended December 31, 2020

• Industrial and Automotive businesses continue to grow in a resurgent market
• Sustenance of safety measures enabled us to ramp-up our operations to pre-COVID levels

Pune|16 February, 2021| Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the fourth quarter and full year, ended December 31, 2020.

October – December 2021 (Fourth Quarter)

• Total revenue from operations (net) for the quarter (Q4) was INR 12,738 million, higher by 13.7% than the preceding quarter and 22.9% higher than the corresponding quarter of 2019.
• PBT (before exceptional items) for the quarter (Q4) was INR 1,911 million, higher by 25.1% than the preceding quarter and 53.9% higher than the corresponding quarter of 2019.
• Net Profit margin for the quarter stood at 11.1%.

January – December 2020 (Twelve Month / Full Year)

• Total revenue from operations (net) for the twelve months period was INR 37,619 million, lower by 13.7% than the corresponding period of 2019.
• PBT (before exceptional items) for the period was INR 3,972 million lower by 25.7%.
• Net profit magin for the year stood at 7.7%

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, "Our industrial and automotive businesses showed resounding performance during the quarter. We had a sharp market recovery in the quarter which was aided by our strong countermeasures and successful realization of new projects. 2020 was a turbulent year and our teams across the board showed agility in responding to the situation as we were pushed into uncharted territory. We stayed the course, continued to deepen our customer connect to become the preferred technology partner, as we emerge stronger out of this volatile environment together. We are optimistic and anticipate to continue this momentum as we move ahead."

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 10 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 43.6 billion in 2019 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

For further information

Vijay Chaudhury, Head – Corporate Communications	PR Contact
and Investor Relations,	Nabanita Mukherjee/Neha Koli
Schaeffler India Limited	Kommune Brand Communications Private Ltd.
Tel: +91 (20) 3061 4221 / +91 91686 84744	Tel: +91 9823620226/ +91 9717621084
Email: Vijay.Chaudhury@Schaeffler.com	Email: nabanita@kommune.in/neha@kommune.in