(Reuters) – Auto parts maker Schaeffler India reported a rise in its third-quarter profit on Wednesday, helped by strong demand for two-wheeler parts.
The company, a unit of Germany’s Schaeffler AG, reported a 5.2% rise in standalone profit to 2.47 billion rupees ($29.4 million) for the July-September quarter.
Sales of two-wheelers were up 13% during the quarter, which analysts said likely offset weak sales of bearings to carmakers, whose volumes fell for the first time in two years.
Schaeffler India’s revenue increased 12% to 20.73 billion rupees, with its mainstay bearings business growing 11.3% and the automotive technologies unit, its second-largest segment, rising about 12%.
The two businesses account for about three-fourths of overall revenue.
Smaller rivals SKF India and Timken India will report results in the coming weeks.
Shares of Schaeffler India closed flat ahead of the results.
($1 = 84.0490 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Abinaya Vijayaraghavan)
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