Bosch Limited posted total revenue from operations of Rs 2,313 crore in the ssecond quarter of 2019-20, registering a decline of 26.9 per cent over the same period in the previous year.
The drop is mainly on account of continuing cyclical and structural issues adversely impacting the auto sector, the company said.
The profit before tax (PBT) before exceptional item from continuing operations stood at Rs 421 crore, a decline of 34.4 per cent, it said in a statement.
"With the Indian automotive market undergoing major changes from regulatory, technological and market factors, there are opportunities in new segments of electro mobility and mobility solutions", the company said.
The company has set aside an additional provision of Rs 130 crore, disclosed as an exceptional item for the quarter ended September 30, 2019, towards various continuing transformational projects.
Total net profit after tax including discontinuing operations stood at Rs 99 crore, the company said.
Soumitra Bhattacharya, the managing director of Bosch Limited and president of the Bosch India Group, said the dip in the company's performance is mainly due to the downward trend in the automotive sector as a whole, which has been caused not only by sluggish demand but also by a paradigm shift in consumer behaviour.
"To deal with this, the company has initiated a restructuring process. Wherever possible, the company wants to focus on reskilling and redeploying talented associates. Any necessary headcount adjustments will be carried out in a fair and socially acceptable manner, and will also include early voluntary retirement schemes," he added.
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