Bosch profit up 30 pc at Rs 306.36 cr in July-Sept

Bosch Ltd, a supplier of automotive components and technology to original equipment manufacturers, today said its net profit jumped 30.78 per cent to Rs 306.36 crore in the July-September quarter this year on the back of strong growth in its mobility solutions business.
The company had posted a net profit of Rs 234.25 crore in the July-September quarter of last fiscal.
Net income increased by 19.03 per cent to Rs 2,555.76 crore during the quarter under review compared to Rs 2,147.09 crore during the same quarter of previous fiscal, the company said in a statement.
Commenting on the performance, Bosch Managing Director Steffen Berns said: "Backed by strong growth in our Mobility Solutions business, previously Automotive Technology, and on a lower base from Quarter 3 2013, we have registered a healthy performance for the given quarter.

"This growth is well above the performance of the Indian automotive market for the quarter, which has benefited from the good growth witnessed in the passenger cars and heavy commercial vehicle segment".
The mobility solutions business in India, which constitutes a major portion of its revenue, grew by 18.7 per cent. Business divisions of Diesel Systems and Gasoline Systems performed especially well, the company said.

He said that localisation efforts, tight budgetary control and improvement in operational efficiency continued to yield "good results".
Berns also said that the liquidity crunch in the market still remains a concern, especially in our trading business.

On the ongoing strike at its Bangalore plant, he said it has not affected the quarter's performance, since it started in the last two weeks of the quarter ending September.
"It will have some minor effect in the subsequent quarter's performance. We are keen to resolve the issues with our union as we look forward to sustaining our growth and competitiveness in the market," Berns said.
Domestic sales increased by 18.5 per cent and export sales grew by 3.3 per cent over Quarter 3 2013," the company said.
Bosch shares settled at Rs 15,642.05 on the BSE, up 1.52 per cent from previous close.