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Bosch posts marginal rise in profit at Rs 378.72 crore in Q1


Bosch: Not your regular soap & suds story

  Technology and services firm Bosch has reported a marginal increase in net profit at Rs 378.72 crore for the first quarter ended June.


The company had posted a standalone net profit of Rs 375.71 crore in the April-June period of 2015-16 financial year.

Quarter-on-quarter, the net profit of the company dropped nearly 23 per cent. The profit stood at Rs 490.57 crore during the January-March quarter, as per a BSE filing.

The profits were impacted due to one-time costs, startup costs for new projects, adverse exchange rate impact and higher depreciation for the quarter, the company said.

However, Bosch saw 8.6 per cent increase in net sales and income from operations at about Rs 2,476 crore in first quarter this fiscal compared to the same period a year ago.

"The company has registered a healthy topline growth in the quarter ended June 2016. Although the development of the local automotive market remained subdued, we continue to invest in infrastructure and technology," Bosch Managing Director Steffen Berns said in a statement.

"We are working closely with our customers for the introduction of BS6 emission norms by 2020 and have the right products and experience to contribute towards meeting the emission standards," Berns added.

Welcoming the clearance of the GST Bill, he said the company's IT systems have already been upgraded and are GST compliant.

"We are also optimising our supply chain and logistics to benefit from the introduction of GST," he said.

Segment-wise, the mobility solution business divisions rose 8.6 per cent and outperformed the automotive market which grew 4.2 per cent in this period, the company said.

"The business divisions of the sectors beyond mobility also performed well this quarter with a growth of overall 8.6 per cent due to strong order growth in all divisions, backed by strong exports," it added.