“As anticipated, our current third quarter results are better than the previous year, as performance in the third quarter of 2012 had been sluggish. However, weak consumer demand, currency impact and further slowdown in the automotive market has led to a decline compared to previous quarter results.” said Steffen Berns, Managing Director, Bosch Limited, announcing the company’s quarterly results.
For the nine months ended September 2013, Bosch Limited registered an overall growth of 1.7% on net sales and income from operations at Rs. 6,564 crore. In the automotive segment, Starter Motors and Generators continued its strong double digit growth; Aftermarket managed a modest growth and Diesel Systems declined due to weak demand in the commercial vehicle and passenger car segment.
The non-automotive segment, including Power Tools, Packaging Technology and Energy Business continued its good growth during the nine months ended September 2013. These divisions have been gradually increasing their presence in the Indian market.
“Our effort to improve operational efficiency has continued to yield positive results in difficult market environment. During festive season consumer sentiment is expected to improve, but this will not be sufficient to generate a turnaround in the overall business situation. In spite of the current challenges, we continue to prepare ourselves for expected mid- and long-term growth through our investments in facilities and new product developments, coupled with continued cost optimization.” Berns added.
The stock of Bosch Ltd gained a shade under a percent on NSE on Tuesday.