Sandvik’s Mining and Rock Technology business reported a solid set of financial results for the September quarter, supported by high demand from both the aftermarket and equipment businesses.

Order intake improved 8% year-on-year to SEK10.47 billion ($1.17 billion) as a result of strong development in most product areas, the company noted.

Revenues increased 14% to SEK10.84 billion, supported by strong order intake in recent quarters and favourable demand in the aftermarket business, while operating profit increased 34% to SEK1.97 billion.

On key items impacting order intake and revenues compared with the year-earlier period, Sandvik said there was a “high level of demand in both the aftermarket and equipment businesses”.

Demand for equipment was mainly driven by replacement or upgrades of existing machines and fleets, with additional support from expansion activities in existing mines, the company said.

Meanwhile, Sandvik said underlying customer activity remained favourable for mining equipment throughout the period although the impact from the timing of sizeable orders hampered the company’s growth rates.

There was strong demand in the aftermarket business for both parts and service, and consumables, according to the company. This aligned with the aftermarket business accounting for 62% of revenues during the quarter, compared with 38% for the equipment business.