Auto Components News

Bosch net profit rises 28 pc to Rs 334 crore in April-June


Auto components major Bosch on Tuesday reported a 28 per cent increase in its consolidated net profit at Rs 334 crore in the April-June quarter of FY23 amid overall recovery in the automotive segment.

The company had posted a net profit of Rs 260 crore in the same quarter of last financial year.

Revenue from operations rose to Rs 3,544 crore in the April-June period this year as against Rs 2,443 crore in the year-ago period, Bosch said in a regulatory filing.

This all-time high is due to the low base last year and the easing of supply-chain bottlenecks, especially toward the end of the quarter, in conjunction with a positive production in the tractor segment, it added.

”The strong momentum exiting FY2021-22 was sustained and further improved over the past quarter due to recovery in the overall automotive market. This has bolstered our confidence that we will surpass the peaks of FY2018-19,” Bosch MD Soumitra Bhattacharya said.

With a steady order book and easing supply chain issues, the company expects to maintain robust growth across revenue and free cash flows for the remainder of the current fiscal, he added.

”Our focus is to maintain steady margins through strategic cost recovery across our supply chains,” Bhattacharya said.

Bosch shares on Tuesday ended 1.03 per cent up at Rs 17,824.05 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Source link