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Bosch shares plunge nearly 5 pc post Q2 earnings

Press Trust of India  |  New Delhi 

Shares of auto component major Bosch on Thursday fell nearly 5 per cent after the firm reported 76.57 per cent drop in consolidated net profit for the second quarter ended September.

The scrip of the company fell 4.19 per cent to Rs 14,601 on the BSE.

At the NSE, it dropped 4.62 per cent to Rs 14,590.55.

Bosch on Wednesday reported a 76.57 per cent drop in consolidated net profit at Rs 98.4 crore for the second quarter ended September, owing to sluggish demand in the automobile industry.

The company, which had posted a net profit of Rs 419.99 crore in the July-September period of 2018-19, also hinted at initiating process to reduce its workforce.

Total income declined to Rs 2,480.14 crore as against Rs 3,304.21 crore in the year-ago period, Bosch Ltd said in a regulatory filing.

"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," Bosch Ltd Managing Director Soumitra Bhattacharya said.

To deal with this, the company has initiated a restructuring process, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 07 2019. 11:55 IST