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Bosch Ltd, a leading supplier of technology and services, has posted a net profit of ₹259.76 crore during the first quarter of FY21-22 on the back of the recovery in sales with the lockdown restrictions easing across the country.
The company had posted a loss of ₹120.46 crore during the same period the previous year.
The total income rose 118.25 per cent to ₹2,542.50 crore for the same period.
“While the industry has shown continued signs of recovery since the second quarter of FY2020-21, the second wave of Covid-19 induced an undeniable pressure on the Indian automotive sector with a surge in infections, localized lockdowns, and lowered demand sentiment. The intensifying second wave proved a challenge for several OEMs across the country, causing them to cut production or suspend operations,” said Soumitra Bhattacharya, Managing Director, Bosch Ltd and President of the Bosch Group in India, on Wednesday.
“Given the uncertain economic environment, the impending third wave of Covid-19 and unpredictability in the international supply chain, we would like to maintain a cautious business outlook for the rest of FY2021-22,” he added.
Product sales increased 181 per cent in the first quarter of FY2021-22, with the Powertrain Solutions division registering an increase of 316 per cent and the Two-Wheeler division witnessed an increase of 156 per cent due to a low base in Q1FY2020-21. Outside the Mobility Solutions business, the sales recorded an increase of 82 per cent. In June 2021, the company witnessed a recovery in sales volumes after the easing of nationwide lockdown restrictions.
Vaccinations hold the key
The only way to kickstart economic activity, boosting consumer sentiment and augmenting automotive demand, is through vaccinations.
While the government and health authorities are making commendable efforts in ensuring the supply of vaccines, the industry will play a role in ensuring the health and well-being of their workforce. “As a socially responsible organization, we have already vaccinated 90 per cent of our associates with the first dose, including contractors and immediate family members, free of cost. The health and safety of all our associates remain our topmost priority,” Bhattacharya said.
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