JOIN USLeading global supplier of technology and services Bosch on Thursday reported a 10.22% decline in standalone net profit at Rs 440.47 crore for the fourth quarter ended March 31, 2017, compared with Rs 490.60 crore in the same period last fiscal.
The decline was on account of higher tax expenses. On a consolidated basis, for the fiscal year ended March 31, 2017, net profit of the company increased by 13.7% at Rs 1,741.12 crore, compared with Rs 1,531.35 crore in the last fiscal year.
The company’s total income from operations on a standalone basis during the quarter under review increased by 3.14% at Rs 2,780.20 crore, against Rs 2,695.43 crore in the same period, last year.
Talking about the outlook for 2017, Bosch Managing Director Soumitra Bhattacharya said, “We continue to remain cautiously optimistic about the current financial year, while adopting necessary course correction. A progressive government focused on reforms, reducing interest rates, expectations of a normal monsoon and improved liquidity post remonetisation, substantiates our current outlook.”
When asked about the GST rollout, Bhattacharya said the company is well-prepared for the same, led by an excellent cross-functional team. He added that they are anticipating short-term turbulence initially. “However, in the mid- and long-term, it will help the growth story of India,” he said.
“This year, Bosch is planning a capital expenditure of Rs 550-600 crore, and R&D would be around Rs 200 crore,” he said. In the last financial year, Bosch invested close to Rs 300 crore in R&D.
Bosch Group in India employs over 31,000 associates. It has around 440 subsidiaries and regional companies in approximately 60 countries and the group’s sales revenues in 2016 were €73.1 billion.
Bosch has informed BSE that the Board of Directors has recommended a final dividend of Rs 90 per equity share for the financial year ended March 31, 2017.
On Thursday, the shares of the company were trading at 2.68% up at Rs 23,406 on the BSE.
DH News Service