The Motion Technology Company
Through this report I would also like to highlight about our evolution from a bearings manufacturer to ‘The Motion Technology Company’, redefining industry standards and shaping the future of mobility. We take immense pride in our rich heritage in bearing innovation, and our vision is firmly aligned with the future to build the leading Motion Technology Company. As a leader in motion technology, we design and deliver innovative solutions that keep the world moving. We are not only enabling this transformational change with precision, reliability and sustainability; we are also accelerating progress by making our products and solutions even more powerful to cover the entire spectrum of motion. The product families are the basis of the Motion Technology Company. Our product and service portfolio serves our diversified customer base and shares the connecting element: MOTION. Our integrated product families complement each other to establish our full and constantly evolving product and services portfolio, empowering customers with unparalleled solutions that drive transformation and sustainable growth.

Leading ahead
I am proud to say that Schaeffler India demonstrated remarkable resilience during the year 2024. While the macroeconomic environment continued to remain challenging, we remained unwavering in our commitment to growth and excellence. Our businesses grew aided by our focus on new business wins and excellence in quality and delivery. Automotive Technologies business registered a growth of 11.3%, Vehicle Lifetime Solutions business grew by 3.0% and the Bearings and Industrial Solutions business achieved a 14.4% YoY growth in 2024. We keep our customers at the core of our organization, ensuring that everything we do is designed to serve them better and enhance their experience. We remain committed to closely collaborating with them as we shape the future of motion together. Our focus on this, not only strengthened our market position, but also exemplifies our ability to thrive and innovate, continually driving value for all our customers.

During the year, the automotive sector showed its resilience driven by growth across the passenger vehicle and twowheeler segment while it saw some softening demand for light commercial vehicles. As the industry transitions towards sustainable mobility, with electric vehicles gaining traction, Schaeffler India stands strategically positioned to seize the emerging opportunities. Our Bearings & Industrial business too grew strongly backed by growth in our key sector and focus on innovation and investments. By capitalizing on the increasing demands within the sectors, we have enhanced our product offerings and expanded our market presence. This reflects our commitment for continuous improvement and meeting the evolving markets needs of our customers.

At Schaeffler India, we continued to navigate a challenging environment by building stronger customer connections and winning new contracts. Backed by our fiscal discipline, agility, efficient localisation strategy and strong brand value, we are on track to build the leading Motion Technology Company.

Our acquisition of KRSV Innovative Auto Solutions Pvt. Ltd. in 2023 marked a strategic step to expand our aftermarket business. In 2024, we successfully expanded its presence beyond Bangalore and Chennai effectively reaching aftermarket customers across India. It further reiterates our commitment to amplifying our market presence and focus on customer satisfaction.

Investing in growth
We continue to strengthen our manufacturing capabilities to meet growing customer demand and retain our competitive edge. We remain on track with the greenfield expansion at our Automotive Technologies plant on Hosur plant. I am excited to share that we are implementing a holistic sustainability strategy at the new location, with a vision of transforming this facility into a worldclass manufacturing hub in India. We successfully operationalised our second hall at Savli, as part of our brownfield expansion strategy. Furthermore, we announced the expansion of manufacturing capacities at our Talegaon plant. These strategic initiatives are a key to enhancing out our localisation efforts and strengthen by offering customized solutions to meet specific regional needs. It also positions us as a preferred partner of choice for our customers.

Alongside, we continue to increase investments in R&D and lay greater emphasis on automation and robotics. It also aims to enhance our operational efficiency, drive innovation and improve productivity.

By integrating cutting-edge technologies in our operations, we aim to refine our processes and deliver higher value to our customers ensuring we meet their expectations in an increasing complex environment.

ESG commitments
At Schaeffler, we are determined to strengthen the foundation of a sustainable business. To fulfil this objective, we continue to engage in dedicated efforts to improve our Environment, Social and Governance performance. It has enabled us to lay out a decarbonisation roadmap, increase energy efficiency and the usage of renewable energy. It has also reduced our freshwater consumption and minimised waste generation significantly. Through these actions, we aim to drive sustainable progress and reinforce our position as a responsible industry leader. I am happy to share that our Pune plant successfully concluded Sustainability Data Assurance Audit, as per the European Sustainability Reporting Standards (ESRS), without any material findings. This further underscores our commitment to sustainability, transparency and our dedication to upholding the highest standards.

At the heart of our organization lies and unwavering commitment to invest in talent development and to nurture a diverse and inclusive workforce, ready to drive our future success. We believe that by investing in our talent, we equip them with skills and capabilities that steer us into the future.

We are a people-centric organization, we recognize that out strength lies in the collective efforts of our employees. We strive to embody the principles of Transparency, Trust and Teamwork as guiding lights with us on a journey of common goals, values and joint progress.

Corporate Social Responsibility (CSR) is integral to our business ethos, driving our commitment to make a positive impact on the society and environment. Under the aegis of our CSR programme ‘HOPE,’ we actively engage in initiatives that support sustainable development and community welfare. I am happy to share that this year marked the third edition of the ‘Schaeffler India Social Innovator Fellowship Program’. This initiative is dedicated to recognizing and rewarding social entrepreneurs who develop innovative sustainable solutions with the potential to benefit society significantly. This year’s fellowship program invited applicants between the ages of 18-35 across different institutions, non-profit organizations, and early-stage startups. Participants presented their ideas and prototype solution across six key categories - Environmental Sustainability, Renewable Energy, Carbon Neutrality, Circular Economy, Natural Resource Management, and Application of Technology in the Social Sector.

The Social Innovator Fellowship Program embodies Schaeffler India’s commitment to integrating sustainability and innovation as a catalyst for tackling social challenges and fostering impactful community development. We remain dedicated to advancing motion to foster a sustainable, efficient, and resilient world.

Welcoming new leaders
This year also saw some transitions in our leadership team with Mr. Aashish Bhatia moving on to pursue new endeavours outside Schaeffler India. I would like to extend my heartfelt thanks to him, for his contributions. We sincerely appreciate the dedication and expertise he bought to the team.

We announced the appointment of Mr. Sharad Bhatia as Head of Vehicle Lifetime Solutions to spearhead Schaeffler India’s efforts to strengthen its presence in the mobility ecosystem. We also appointed Ms. Shibi Mathew as Head of Human Resources and Corporate Social Responsibility reinforcing the company’s commitment to fostering a culture of innovation, inclusivity, and sustainable growth. I welcome them to the leadership team and am confident that their leadership will be pivotal in strengthening and enhancing the agility of our organization.

In conclusion
As we look ahead, we realise the need to embrace change to thrive in a dynamic environment. At Schaeffler India, we are dedicated to advancing motion to foster a sustainable, efficient and resilient world. We are adapting our products to fulfil our commitment to a sustainable future, increasing automation in production, introducing new mobility solutions and encouraging digitalization to shape a better tomorrow.

Our motion technology portfolio is continuously evolving, ready to accommodate complex customer demands. The acquisition of Vitesco Technologies AG by the Schaeffler Group, has enabled the creation of a comprehensive motion technology portfolio. As we prepare ourselves to offer innovative future mobility solutions, we are drawing upon our pioneering spirit to drive Schaeffler forward. We are confident of our ability to enhance our value proposition and build an organization of tomorrow - one that is equipped to shape the future of motion, ultimately serving our customers better.

Thank you for being a part of our journey.

Harsha Kadam
Managing Director & CEO