Bengaluru, Aug 10 (IANS) Indian arm of German automotive major Bosch Ltd on Friday reported Rs 431 crore standalone net profit for the first quarter (Q1) of fiscal 2018-19, registering 42 per cent annual growth from Rs 303 crore in the same period year ago.
Sequentially, however, net profit remained flat (0.7 per cent) from Rs 434 crore quarter ago.
“Standalone income from operations grew 13.5 per cent annually to Rs 3,212 crore for the quarter (Q1) under review from Rs 2,830 crore in the like period year ago but remained flat (1.7 per cent) sequentially from Rs 2,158 crore quarter ago,” said the city-based company in a regulatory filing on the BSE.
Profit before tax (operating margin) grew 40 per cent annually to Rs 649 crore from Rs 462 crore year ago and 3 per cent sequentially from Rs 630 crore quarter ago.
“Due to the introduction of Goods and Services Tax (GST) since July 1, 2017, the consequently revenue for the first quarter (Q1) of this fiscal and last fiscal ended March 31 are not comparable,” noted the filing.
According to Bosch Managing Director Soumitra Bhattacharya, the company had a progressive contribution in the automotive industry.
“The remaining fiscal will see us making innovative additions to the Indian automotive industry. We will continue to make upfront investments in capital expenditure, research and development and opening new markets,” said Bhattacharya in a statement here.
Mobility solutions business grew 21 per cent, while domestic sales increased 22 per cent and exports 7.4 per cent.
“Within the mobility business, powertrain solutions grew 28 per cent while domestic automotive market grew 25 per cent during the quarter,” noted the statement.
The company is also transforming into an end-to-end technology and IoT services provider to capitalise on the growth potential in the country in connected solutions and integrated mobility offerings.
The Indian arm, which has the largest development centre outside Germany, operates 13 companies spanning industrial technology, consumer goods and energy and building technology.
The company’s blue-chip scrip gained Rs 199.40 per share of Rs 10 face value to end at Rs 19,319.15 at the end of Friday trading on the BSE as against Thursday’s closing price of Rs 19,119.75 and opening price of Rs 19,197.