Auto component maker Bosch today reported 19.93 per cent decline in standalone net profit at Rs 218.19 crore for the third quarter ended December 31, as demonetisation hit demand in the auto industry.
Auto component maker Bosch today reported 19.93 per cent decline in standalone net profit at Rs 218.19 crore for the third quarter ended December 31, as demonetisation hit demand in the auto industry. The company had posted a net profit of Rs 272.53 crore for the same period of previous fiscal.
Total income from operations rose to Rs 2,863.72 crore for the third quarter, as compared to Rs 2,657.98 crore during the same period of previous fiscal, Bosch Ltd said in a regulatory filing.
The company said positivity during the quarter was hit due to factors like decreased domestic demand, front-ended CSR expenses, cost of restructuring and higher depreciation.
“Sales were influenced by the Indian automotive market which was impacted by the demonetisation in the last quarter, especially in December,” Bosch Ltd Managing Director Soumitra Bhattacharya said in a statement.
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The company said it is well prepared for the changeover to BS4 emission norms in April, as well as for the transition to BS6 emission legislation with its products, experience and testing infrastructure facilities.
“We are working closely with our customers on BS6 projects. That apart, by focusing on strategic topics focusing on operational efficiencies and productivity improvements we will continue to remain fit for the future,” he added.
The company’s board, which met today, has also declared a special payout in the form of an interim dividend of Rs 75 per equity share of Rs 10 each.
Bosch shares today ended 1.45 per cent down at Rs 22,662.40 on the BSE.