Bosch Limited registers 7.7 pct growth in gross sales, income from operations
In this reporting period, Profit Before Tax (PBT) from continuing operations stood at INR 590 crores or 21.6 percent of sales, an increase of 9.6 percent.
For the same period, Profit After Tax (PAT) from continuing operations was INR 423 crores, an increase of 10.8 percent over the same period of the previous year, standing at 15.4 percent of sales. PAT improved due to higher sales volume, improved productivity and treasury income.
“Improved market sentiments, normal monsoon and the festive season have led to a strong quarter for the automotive market. For the quarter, Bosch Limited has registered a healthy growth in line with the market,” said Dr. Steffen Berns, managing director of Bosch Limited and president of Bosch Group in India.
“We continue to focus on operational efficiencies and productivity improvements. In addition we have continued augmenting our engineering capacities and competencies to work on the BS6 projects. We feel well prepared for the future emission legislation with our products, experience and testing infrastructure facilities,” he further elaborated.
Overall, the Company’s Mobility Solutions businesses grew by 6.7 percent in this period. Main contribution was from Gasoline Systems which posted a strong double-digit growth.
The business divisions of the sectors beyond mobility performed strongly and grew by 15.9 percent. “The company has been focusing on offering integrated cross divisional solutions in the business sectors beyond mobility. The renewed focus to improve India’s infrastructure segment has helped business units such as Power Tools and Security System to grow strongly,” Berns added.
Bosch Limited successfully completed a buyback of 878,160 equity shares at a price of INR 23,000/- per share. The number of equity share bought back constituted 2.796 percent of the pre buyback equity share capital. Post buyback share capital stands at 30,520,740 shares. Robert Bosch GmbH, the parent company now holds 70.49 percent of equity shares as against 71.18 percent earlier.
Soumitra Bhattacharya, currently the Joint Managing Director of Bosch Limited, has been appointed as Managing Director with effect from January 1, 2017.
Bhattacharya has worked in various capacities at Bosch Limited and abroad for the Bosch Group over the past 22 years.
He will succeed Dr. Steffen Berns who completes his four-year term as Managing Director on December 31, 2016.
Berns will return to Germany and take up a new position within the Bosch Group as President of the Bosch Car Multimedia Division.
Andreas Wolf, currently Executive Vice President responsible for manufacturing and quality has been appointed as Joint Managing Director of Bosch Limited.
image:Wikimedia commons
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
