Auto parts’ major Bosch Ltd has posted a 29 per cent increase in net profit to ₹281 crore during the third quarter on a year-on- year basis due to higher sales volume and marginal increase in effective tax rate.

The company in a filing with the BSE on Monday said its total income grew nearly 5 per cent to ₹3,14.18 crore.

“Bosch will continue to develop technologies tailored to the requirements of the Indian market and enable the electrification of the powertrain. We will start with 2W and 3W components and as the market picks up, we will foray into other segments,” said Soumitra Bhattacharya, Managing Director, Bosch Ltd, and President Bosch Group in India.

Bosch Ltd’s Mobility Solutions businesses grew 17.8 per cent and outperformed the automotive market which grew by 14 per cent (excluding two-wheeler) in this period. Key performing divisions were the gasoline systems business, which registered a growth of 37.1 per cent. Sales of the diesel systems’ division registered a similar growth of 33.6 per cent supported by higher demand and price for new generation products with the changes in emission norms with effect from April 2017.

Bosch’s Automotive Aftermarket division witnessed a growth of 4 per cent after recovering from GST transition. It was impacted by the low availability of working capital with channel partners, and a reduction in the company’s Car Multimedia business, the statement from the company said.

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