Bosch net profit rises 27.5% to Rs 234.79 crore in December quarter

The company had posted a consolidated net profit of Rs 184.15 crore in the same period last fiscal

Auto components major Bosch Ltd on Wednesday reported a 27.5 per cent rise in consolidated net profit to Rs 234.79 crore for the third quarter ended December 31.

The company, which had posted a consolidated net profit of Rs 184.15 crore in the same period last fiscal, said it will be investing Rs 2,000 crore in the next five years for localisation of advanced automotive technologies and expanding digital platforms like mobility marketplace and mobility cloud platform.

The consolidated revenue from operations during the quarter under review stood at Rs 3,109.08 crore, against Rs 3,029.64 crore in the year-ago period, Bosch Ltd said in a regulatory filing.

In the third quarter, the automotive products segment clocked a revenue of Rs 2,740.61 crore, compared to Rs 2,671.35 crore a year ago.

Consumer goods revenue stood at Rs 221.27 crore, against Rs 242.85 crore in the third quarter last fiscal, the company said.

Total expenses in the third quarter were higher at Rs 2,853.68 crore as compared to Rs 2,776.90 crore a year ago.

Bosch Ltd Managing Director and President of Bosch Group in India Soumitra Bhattacharya said the company has achieved "several path-breaking milestones" aligned with 'Make in India' in its 100-year journey in the country.

"Bosch India will continue its contribution to building an Atmanirbhar Bharat through an investment of over Rs 1,000 crore for the localisation of advanced automotive technologies in the next five years.

"An additional Rs 1,000 crore will be put into expanding digital platforms like mobility marketplace, and mobility could platform," Bhattacharya added.

Over the past decade, Bosch has invested more than Rs 8,000 crore in India, he noted.

Bosch Ltd also said its board at a meeting held on Wednesday has approved the appointment of Guruprasad Mudlapur as a Director and Joint Managing Director for three years with effect from February 9, 2022, subject to shareholders approval.

Besides, the board has also approved picking up a 14 per cent stake in B2B startup Zeliot Connected Services Pvt Ltd, which offers connected mobility solutions for vehicle tracking, fleet management and telematics offering.