Auto parts company Bosch Ltd has posted a 33 per cent increase in net profit to Rs 278.9 crore during the second quarter, backed by good demand for diesel, and starter and generator products.
A press statement from the company said net sales and income from operations grew 22.2 per cent to Rs 2,024.1 crore, while total income grew 21.86 per cent to Rs 2,087.06 crore.
The statement said the company's automotive technology business grew strongly because of good market conditions and the key contributions from diesel systems, and starters and generators. Additionally, automotive aftermarket, power tools, security technology and packaging technology business witnessed a strong double digit growth.
“Bosch continued its strong position as a leading automotive component supplier in the country with good growth in sales. The impact of sharp rise in commodity prices and inflationary pressure was compensated by aggressive cost control measures coupled with less than proportionate increase in depreciation charge and substantial increase in treasury income. Due to these external factors, we foresee major challenges in sustaining the same growth momentum in the second half of this year,” Mr V.K. Viswanathan, Managing Director, Bosch Ltd, said.