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Bosch Ltd, a leading supplier of technology and services, said on Tuesday that its performance during 2018-19 took a hit due to a weak automotive market.
Jan-Oliver Roehrl, CTO & Director — Bosch Ltd, told BusinessLine that while there could be a short-term impact because of the pullout of Maruti Suzuki from the diesel car space, the market would stabilise over time.
Bosch posted a 5.1-per cent drop in net profit to ₹411.58 crore during the fourth quarter of 2018-19 compared with the same period last year.
Its revenues, too, decreased nearly 13 per cent to ₹2,749 crore.
The decline in profit can be attributed to the lower sales volume in view of negative market sentiments and an unfavourable forex movement.
Roehrl said the company is strongly positioned in the PC segment with its gasoline systems, especially in the compact, mid, sedan and SUV segments.
He said there would be no major impact on the sale of common rail diesel systems given the relationship it shares with many passenger car OEMs with its diesel fuel injection equipment.
Meanwhile, a statement from the company said the Bosch Group expects global economic growth to be subdued in 2019.
Despite the difficult environment in industries and regions that are important for the company, Bosch expects its sales in the current year to slightly exceed their 2018 levels.
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