Auto component maker Bosch Tuesday reported a 5.09 per cent decline in net profit at Rs 411.70 crore for the fourth quarter ended March 2019, on lower sales volume and unfavourable exchange rates.
The company had posted a net profit of Rs 433.78 crore in the corresponding quarter of 2017-18.
Revenue from operations for January-March quarter stood at Rs 2,749.15 crore as against Rs 3,158.03 crore in the year-ago quarter.
"The results in the last quarter of fiscal 2018-19 must be contextualised within the predominant weakness of the overall automotive market," Bosch MD Soumitra Bhattacharya said.
The company is currently supporting its customers in developing vehicles that are compliant with BS-VI emission standards from April 2020 as per the ruling of the Supreme Court, he added.
For the entire 2018-19, the company posted a net profit of Rs 1,598.04 crore as compared with Rs 1,370.72 crore in the previous fiscal, an increase of 16.58 per cent.
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Revenue from operations for the last fiscal stood at Rs 12,257.91 crore as compared with Rs 11,872.24 crore in 2017-18.
"Bosch India remains focused on achieving a sustainable and profitable growth. Through targeted investments, infrastructural developments within the organisation and adaptation of technology we look to secure our business in challenging times for the automotive industry in the country," Bhattacharya said.
Commenting on the outlook, he said, "India's mobility sector is rapidly transforming and it is assumed to experience a significant growth with electric mobility in coming years. The Indian automotive components industry is to become the third-largest in the world by 2025."
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