Companies

Bosch Limited Q2 profits up 18.86% at Rs 420 crore

Our Bureau Bengaluru | Updated on November 05, 2018 Published on November 05, 2018

FILE PHOTO - Soumitra Bhattacharya, Managing Director, Bosch Limited.   -  G.R.N. Somashekar

Announces buy-back of shares at Rs 21,000 per share

Bosch Limited, with improved operational efficiency and higher productivity which was partially offset by negative exchange rate on material cost, has posted 18.86 per cent higher profits on standalone basis at Rs 419.99 crore for the second quarter (Q2) of FY 2018-19 as against Rs 353.34 crore recorded in the same period last year.

The company’s total income is also higher by 13.59 per cent to Rs 3,340.62 crore as against Rs 2,940.88 crore in the same period last year.  EPS for Q2 stood at Rs 137.6 compared with Rs 1,15.8 last year.

Commenting on company’s performance, Soumitra Bhattacharya, Managing Director, Bosch Limited said “Bosch Limited’s performance in the first-two quarters highlights our continued commitment to delivering best-in-class automotive solutions. With these, we are helping our customers to meet the challenge of manufacturing only vehicles compliant with BS VI emission standards from April 2020 as recently ruled by the Supreme Court."

"In the past quarter, Bosch has outperformed the industry in business beyond mobility sectors as well. As a recognized industry leader in many sectors, we will continue to present innovations across our business including IoT services and integrated mobility offerings.”

Snapshot of business divisions’ performance

Bosch’s Mobility Solutions turnover has increased by 12.3 per cent. The largest contributor was domestic automotive sales which have increased by 15.1 per cent.

Within the Mobility Solutions business, the Powertrain Solutions division performed especially well, registering double-digit growth of 10.3 per cent. The Automotive Aftermarket division grew by 20.9 per cent after recovering from impact of GST implementation last year.

Bosch’s business beyond the Mobility Solutions sector registered a strong double-digit growth of 14.3 per cent. The main contributors were the energy and building technology sector and the power tools division.

The Board also approved, subject to approval of the shareholders, buyback of upto 1,028,100 equity shares of the company, on a proportionate basis by way of a tender offer at a price of Rs 21,000 per equity share for an aggregate amount not exceeding Rs 2,159.01 crore in accordance with the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.

Published on November 05, 2018
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