Auto parts maker Bosch Ltd has posted a 30.8 per cent increase in net profit at ₹306.4 crore for the quarter ended September 30 on the back of higher non-operating income from sale of one-time marketable securities and other treasury-related earnings.
Net sales and income from operations rose 16.3 per cent to ₹2,456.7 crore during the the same period, while domestic sales increased 18.5 per cent and exports 3.3 per cent on an annual basis.
“Backed by strong growth in our mobility solutions business, previously Automotive Technology, and on a lower base (from the same quarter last year), we have registered a healthy performance for the September quarter,” Steffen Berns, Managing Director of Bosch Ltd, said in a statement.
He pointed out that the ongoing strike at the company’s Bangalore plant has not affected last quarter’s performance, since it started in the last two weeks of September.
It will have some minor effect in the coming quarter. “We are keen to resolve the issues with our union as we look forward to sustaining our growth and competitiveness in the market,” said Berns.
This growth is well above the performance of the Indian automotive market for the quarter, which has benefited from the good growth witnessed in the passenger cars and heavy commercial vehicle segment. The liquidity crunch in the market still remains a concern, especially in our trading business, Dr Berns said.
He said the company’s mobility solutions business in India, which constitutes a major portion of its revenue, grew 18.7 per cent.
The business divisions of diesel and petrol systems performed especially well. Owing to weak markets, the company’s business sectors besides mobility solutions overall grew marginally.
“Our localisation efforts, tight budgetary control and improvement in operational efficiency continue to yield good results,” Berns said.