Bosch Q1 net profit rises 42% to Rs 431 cr

Auto components major, Bosch on Friday reported 42% jump in net profit to Rs 430.98 crore in the first quarter ended June 2018, compared with Rs 302.61 crore in the same quarter last fiscal.

The company's revenue from operations stood at Rs 3,212.15 crore in the first quarter, registering 21.3% increase over the same period of the previous year on a comparable basis.

“Bosch Limited had a progressive contribution – globally and locally in the automotive industry this year. 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,” said Soumitra Bhattacharya, Managing Director, Bosch Limited.

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

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

Within the mobility solutions business, the Powertrain Solutions business division showed a significant performance registering a strong double-digit growth of 26.5%, the company said.

Powertrain Solutions domestic sales increased by 28.2%, outperforming the domestic automotive market, which posted a growth of 24.6% in the same period.

“Bosch is transforming into an end-to-end technology and IoT services provider. With so much potential in our country, we are confident that Bosch Limited will make positive progress with its connected solutions and integrated mobility offerings,” Bhattacharya added.

Shares of Bosch closed at Rs 19,319.15 apiece on Friday, up 1.04% from the previous close on the BSE.