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Bosch Limited, a supplier of automotive components to original equipment manufacturers (OEMs), today reported a marginal 2% rise in net profit to Rs 252 crore for the second quarter ended June 30, 2013 compared to Rs 247 crore in the corresponding quarter last year.
Net sales and income from operations in the second quarter rose 5.2% to Rs 2,269 crore during the quarter. Its operating profit for the period went up 9.5% to Rs 277 crore from Rs 253 crore in the year ago period.
“In the second quarter of this year, we managed to achieve greater than 5% growth despite the overall weak market conditions. The automotive market benefitted from the increase in tractor and 3-wheeler segments, but overall remained weak due to a decline in passenger cars and heavy commercial vehicles,” said Steffen Berns, Managing Director, Bosch Limited.
The focus on expanding and developing the non-automotive product portfolio has resulted in positive yields. All divisions across the non-automotive segment have registered a double-digit growth.
“The positive momentum in Bosch India was mainly driven by the strong growth of our non-automotive business. Exports have seen a positive trend in this quarter. Overall, we anticipate moderate growth for the next two quarters compared to the weak last half of 2012,” Berns added.
The rupee depreciation has put additional burden on the company's bottom line, he said. "However, we will continue to invest for a sustained long-term growth. The overall business environment will remain challenging during 2013,” he added.
