Bosch Ltd, a leading global supplier of technology and services registered sales growth of 6% in the year 2008. Bosch Ltd, the flagship of the Bosch Group subsidiaries in India, is India?s largest auto component manufacturer and also one of the largest Indo-German company in India. The Bosch Group holds close to 70% stake in Bosch Ltd.
Meanwhile, Bosch now has a new address in Panchkula.
The new sales office was inaugurated here on Fridayby K Ravi, vice-president, automotive aftermarket.
On results? front, in 2008, the company generated net sales of Rs 45,416 million, registering a growth of 6.1% over 2007. The profit before tax (PBT) stood at Rs 8,566 million accounting for 18.9% of net sales, compared to 20% in 2007. The profit after tax (PAT) stood at Rs 6,339 million, which is 14% of the net sales compared to 14.2% for the previous year. Significant one-off financial income from investments helped in achieving profitability.
Announcing the company?s financial results for 2008, VK Viswanathan, managing director, Bosch Ltd, said, ?Our growth last year was significantly below expectation and was largely due to the sharp and sudden slowdown in the Indian economy in general and the automotive sector in particular in the fourth quarter of 2008.The stimulus packages announced by the government are expected to improve the demand in domestic market from the lows of December 2008.?
K Ravi, vice-president, automotive aftermarket, Bosch Ltd, said, ?Bosch has been the pioneer of low-price vehicle solutions in the Indian market. The market for such vehicles is expected to grow substantially in the coming years, which will generate additional business for the company.?
The consumer goods and building technology business of the company is expected to continue its growth trajectory. The recent policy initiatives and announcements of the government to improve the infrastructure will benefit the businesses in this sector.
The company?s automotive technology business achieved a growth of 4.3% in 2008.
The non-automotive business sectors of the company showed satisfactory results. The packaging technology business grew by 12.7%, whereas the power tools and security systems businesses grew 27.7% and 21.4% respectively.
?Product and process innovation, the low price vehicle segment and the non-automotive business sectors will continue to receive high priority in 2009 and beyond,? said Viswanathan.
High on growth
• The profit after tax stood at Rs 6,339 million, which is 14% of the net sales compared to 14.2% for the previous year
• The non-automotive business sectors like the packaging technology business grew by 12.7%, whereas power tools and security systems businesses grew 27.7% and 21.4% respectively
• Significant one-off financial income from investments helped in achieving profitability
• The stimulus packages announced by the government are expected to improve the demand in domestic market from the lows of December 2008