Bosch net up 99 percent in Q3

German automotive major Bosch Ltd on Friday reported net profit of Rs.221 crore for third quarter of 2015-16, a whopping 99 percent growth over the same period last year.

The city-based Indian subsidiary's net sales grew 12.8 percent to Rs.2,651 crore for the quarter under review and profit before tax to Rs.321 crore, which is 12 percent of sales.

According to the statement of unaudited financial results posted on the Bombay Stock Exchange (BSE), Bosch earned a total income of Rs.2,697.89 crore in the quarter under review against Rs.2,381.64 crore earned in the same period of 2014-15.

The company incurred total expenses of Rs.2,462.01 crore against Rs.2,279.40 crore.

In Q3, Bosch's mobility solutions businesses outperformed all other businesses by registering a growth of 10.7 percent while gasoline systems and automotive aftermarket divisions also performed strongly with double digit growth.

As part of a planned global realignment, the starter motors and generators business was sold to a standalone Indian subsidiary of the Bosch Group, and plans are afoot to find a joint venture partner to escalate the growth and competitiveness of the business.