Wednesday, November 13, 2013: Bosch Ltd’s Indian subsidiary has recorded a net profit of Rs 2,340 million for its third quarter ending September 2013. It has registered a growth of 16 per cent from the same period last year.
The company said in a statement, “Net sales and income from operations, however, grew marginally 3.6 per cent year-on-year (YoY) to Rs.21,040 million during the quarter under review (Q3).”
Profit before tax rose 16 per cent YoY to Rs 3240 million. Export revenue increased 20 percent YoY mainly due to rupee depreciation during the quarter, reported Business Standard.
Steffen Berns, Bosch India managing director said, “Sales during third quarter were better than same quarter last year, which was sluggish. Weak consumer demand, currency impact and slowdown in the automotive market have led to a sequential decline in our sales operations from second quarter (April-June).”
From January to September, the net sales and income from operations grew marginally 1.7 per cent YoY to Rs 6,56,400 million.
“In the automotive segment, sales of starter motors and generators grew in double digit, while aftermarket managed a modest growth and diesel systems declined due to weak demand in the commercial vehicle and passenger car segment,” Berns added.
Berns further said, “Our efforts to improve operational efficiency have yielded positive results in difficult market environment. During festive season, though consumer sentiment is expected to improve, it will not be enough to generate a turn around in overall business.”
