Auto systems maker Bosch Ltd said third quarter profits grew 99 per cent to Rs 221 crore with increase in sales by 12.71 per cent to Rs 2,786.1 crore due to improved sales and reduction in employee benefit costs.
The company also realised benefits from organisational restructuring undertaken in the previous year and a low base in 2014 due to one-time effects, have contributed to this result.
" Our focus on operational efficiencies and productivity has continued to yield good results," said Steffen Berns, managing director of Bosch Limited said in a statement.
Bosch stock closed at Rs 844.25 or 4.97 per cent down close to Rs 16,133.20 on Friday in the Bombay Stock Exchange (BSE).
"Although the development of the automotive market remained subdued, we continue our proactive spends on capex for infrastructure and technology. With our motivated and competent employees, we are well prepared for the future. The market performance of the coming quarters will be determined by factors such as the implementation of key legislation and execution of infrastructure projects," said Berns.