Automotive major Bosch Limited, said first quarter profits went up marginally to Rs 378.27 crore while sales grew 9.5 per cent to Rs 2,520 crore on increased demand for its transmission and powertrain solutions by customers.
Bosch had reported profits of Rs 375.71 crore on a revenue of Rs 2,301.18 crore between April and June 2015, the company said in statement.
Bosch attributed the near flat profit to one-time costs, startup costs for new projects and adverse exchange rate impact.
"Bosch Limited has registered a healthy topline growth in the quarter ended in June 2016. Although the development of the local automotive market remained subdued, we continue to invest in infrastructure and technology. 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," said Steffen Berns, managing director of Bosch Limited.
Bosch stock closed Rs 228.20 or 0.92 per cent down at Rs 24512.3 on Friday on the Bombay Stock Exchange.