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3:21 pm - Saturday March 18, 2333

Bosch India revenues grow 7.6 pc to touch Rs 10,983 Cr

Agencies, Bengaluru

Bosch India Ltd., a leading global supplier of technology and services, registered a gross sales and income from its India operations and touched at Rs 10,983 crore during 2016-17, a growth of 7.6 per cent. Briefing reporters here, Company Managing Director Soumitra Bhattacharya said profit before tax stood at Rs 2094 crore or 19.1 per cent of total revenue.

‘Bosch Ltd business grew well above the production volumes of the domestic automotive market, both in the current quarter and the complete year. Exports declined due to weak demand from our overseas markets,’ he said. However, the company suffered a 10.22 per cent fall in net profit at Rs 440.47 crore for the quarter ended March 31, 2017 against Rs 490.60 crore in the corresponding quarter last year, but it still beat the street estimates.

Total income from operations of the company increased by 3.15 per cent to Rs 2,780.20 crore for the quarter under review. Mr Bhattacharya said for the just ended fiscal the mobility solutions sector of the company grew by 5.9 per cent. The domestic business developed strongly and increased by 8.6 per cent, outperforming the domestic automotive market that grew by 7 per cent.

Within the mobility solutions business, the gasoline systems business registered a strong double digit growth. The two-wheeler business also performed well registering considerable growth mainly arising from domestic market. On the outlook for current fiscal, he said the government held positive sentiments in market, economic indicators show improvement.

‘We continue to remain cautiously optimistic about the current fiscal, while adopting necessary course correction. A progressive government focused on reforms, reducing interest rates, expectations of a normal monsoon and improved liquidity post re-monetisation substantiates our current outlook. The factors have also helped improve market sentiments,’ he said.

Mr Bhattacharya said key reforms like GST, smart cities and stable political situation would contribute to moderate growth both in the automotive as well as non-automotive sector. ‘The proposed roll out of GST on July 1, would have short-term disturbans. However, in the mid and long term it will help the growth story of India.

Posted in: Business

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