Auto components major Bosch Ltd on Wednesday reported a 43.2 per cent decline in consolidated net profit at ₹190.33 crore for the quarter ended December 31, 2019. The company had posted a net profit of ₹335.37 crore in the year-ago period.

“Total net profit after tax including discontinuing operations stood at ₹190 crore,” the company said in a statement.

Total income during October-December quarter declined to Rs 2,676.58 crore from₹3,186.43 crore in the year-ago period.

The industry downturn continues with cyclical and structural change and has been adversely impacting the auto sector, mainly the commercial vehicle and tractor segment.

During the quarter, Bosch made an additional provision of ₹207 crore towards various restructuring (considering the upcoming BS-Vl emission standards) and transformational projects, it said.

The provisions are in line with the company’s transformation initiatives to capture the opportunities in the emerging electro mobility and mobility segment.

“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 (original equipment manufacturers), Bosch has been working relentlessly to meet the April 1, 2020 deadline for the implementation of BS-VI technologies,” Bosch Ltd Managing Director and President of Bosch Group in India Soumitra Bhattacharya said.

“At the same time, we are continuing to invest in electrification and other mobility solutions,” he added.

Through a technology agnostic approach, the company actively supports the government’s initiatives towards the auto sector with an India first objective, Bhattacharya said.

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