Bosch Q2 net declines 50%

Bosch Q2 net declines 50%

Bosch Q2 net declines 50%

Automotive components maker Bosch Limited on Friday posted a 49.79% decline in net profit at Rs 353.34 crore in the second quarter of this fiscal, compared with Rs 703.74 crore in the same quarter a year ago.

The total income for the second quarter witnessed a 2.84% decline at Rs 2,940.88 crore compared with Rs 3,026.96 crore.

Its income from operations stood at Rs 2,811.85 crore, compared with Rs 2,837.96 crore in the comparable period.

"Earlier this year, the central government passed the mandate for all vehicles to change over from BS III emission norms to BS IV emission standards. Bosch Limited was able to offer its customers the required technology by ramping up its production and outperformed the growth of the Indian automotive sector", said Soumitra Bhattacharya, managing director of Bosch Limited, and president Bosch Group in India.

"Looking forward, the company is well prepared to offer customers an array of full line
solutions, as the nation transitions from BS IV to BS VI emission norms by 2020. Bosch Limited is confident and committed to offer its support during this phase of movement," Bhattacharya added.

Overall, Bosch Limited's Mobility Solutions businesses grew by 8.8% and outperformed the automotive market which grew by 6.6% (excluding two-wheelers) in this period, the company said.

Shares of Bosch Ltd were trading at Rs 20,484.85 a piece on Friday, down 2.93% from the previous close on the BSE.