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Bosch Ltd has posted a decline of 43.24 per cent to ₹190.33 crore in net profit for the third quarter on account of downturn in the industry mainly in the commercial and tractor segments.
A company statement to the BSE said that total income decreased 16 per cent to ₹2,676.58 crore. During the quarter, Bosch has made an additional provision of ₹207 crore, towards various restructuring (considering the upcoming BS-Vl emission standards) and transformational projects.
“The entire automobile industry is in the grip of a slowdown with a major technology shift from BS-IV to BS-VI in the horizon. Together with OEMs, Bosch has been working relentlessly to meet the April 1, 2020 deadline for the implementation of BS-Vl technologies. We are continuing to invest in electrification and other mobility solutions,” said Soumitra Bhattacharya, MD of Bosch Ltd and President of the Bosch Group in India.
Segment performance
Bosch Ltd Mobility Solutions turnover decreased 25.8 percent in Quarter 3 of FY 2019-20, mainly driven by Powertrain Solutions division affected by auto sector slowdown. Bosch’s business beyond Mobility Solutions sector posted a decline of 13.9 percent. The reduction is mainly on account of decline in business of solar energy division which is predominantly project driven.
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