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Bosch Q1 net rises 42% to Rs 4.3 bn over high growth in domestic sales

Press Trust of India/New Delhi 10 Aug 18 | 03:59 PM

Auto components major Bosch Ltd on Friday reported 42.42 per cent jump in net profit to Rs 4.3 billion in the first quarter ended June 30, 2018.

The company had posted net profit of Rs 3.02 billion in the same quarter last fiscal, Bosch Ltd said in a BSE filing.

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Revenue from operations stood at Rs 32.12 billion. It was Rs 28.3 billion in the first quarter last fiscal. The two figures are not comparable as revenue from operations after GST implementation in July 2017 is taken as net of GST.

In the first quarter this fiscal, the company said its mobility solutions business sector grew by 20.5 per cent, with domestic sales growing by 21.7 per cent, while export sales posted 7.4 per cent increase.

Other business verticals, including energy business and power tools, registered 48.9 per cent growth, it added.

Bosch Ltd said its total expenses for the period under review stood at Rs 26.77 billion as against Rs 24.98 billion.

Bosch Ltd Managing Director Soumitra Bhattacharya said the company has made progressive contribution globally and locally in the automotive industry this year.

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"We will continue to make considerable upfront investments in the form of capital expenditure, high spending on R&D, and opening new markets. The remaining financial year will see Bosch making significant innovative additions to the Indian automotive industry," he added.

Stating that the company is transforming into an end-to-end technology and IoT services provider, Bhattacharya said, "With so much potential in our country, we are confident that Bosch Ltd will make positive progress with its connected solutions and integrated mobility offerings".

Shares of Bosch Ltd were trading at Rs 19,492.60 apiece in the mid-day trade, up 1.95 per cent from the previous close on BSE.

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