Bosch Limited, a leading supplier of technology and services, posted total revenue from operations of INR 3,096 crores in Quarter 3 of FY 2018-19, registering 0.8 percent increase over the same period of the previous year on a comparable basis. The Profit before Tax (PBT) stood at INR 490 crores, registering a growth of 15.8 percent over the same period of previous year on account of improved operational efficiency, favorable product mix and higher investment income which was partially offset by negative exchange rate on material cost. The Net Profit after Tax (PAT) stood at INR 335 crores, an increase of 19.3 percent over the same period of previous year. For the period from April to December, 2018, Bosch Limited posted a total revenue from operations of INR 9,509 crores, an increase of 11.4 percent over the same period of previous year. PBT stood at INR 1,780 crores and PAT stood at INR 1,186 crores, an increase of 26.6 percent over same period previous year.
“The result of this quarter has to be viewed in the context of particularly weak market conditions in the overall automotive sector. Bosch Limited has always been committed to deliver best-in-class automotive solutions. We are helping our customers to meet the challenge of manufacturing only vehicles compliant with BS VI emission standards from April 2020 as per the ruling of the Supreme Court. Bosch has recently also showcased its business beyond mobility offerings that are fast embracing digital platforms and IoT Services. Having said that, the focus on strategic topics and operational efficiencies will continue,” said Soumitra Bhattacharya, Managing Director, Bosch Limited.
Snapshot of business divisions’ performance in Quarter 3
Bosch Limited’s Mobility Solutions turnover marginally decreased by 0.6 percent in Quarter 3 of FY 2018- 19. Mobility division exports have increased by 6.5 percent and it is offset by lower domestic mobility sales of 1.1 percent. Within the mobility solutions business, the Powertrain solutions division declined by 2.7 percent mainly due to weak automotive market and Automotive Aftermarket division grew by 5.8 percent.
Bosch’s business beyond Mobility divisions registered a growth of 6.9 percent. The growth in this segment is mainly driven by security systems which grew by 16.9 percent and solar energy division which also showed a double digit growth, partly offset by reduction in thermal technology division.
For the period from April to December, 2018, total turnover showed a growth of 11.9 percent. Sales of the mobility solutions sector increased by 10.5 percent on the buoyant automotive market during first half of 2018-19 whereas business beyond mobility solutions witnessed a strong double-digit growth of 20.5 percent.
Pursuant to the approval of the Shareholders for buyback of equity shares of the Company, the letter of offer for buyback of up to 10,27,100 equity shares of the face value of Rs. 10 each of the Company on a proportionate basis by way of a tender offer through the Stock Exchange mechanism for cash at a price of Rs. 21,000 per equity share for an aggregate amount of up to Rs. 2,156 crores was sent to the eligible shareholders. The buyback period opened on February 06, 2019 and shall close on February 20, 2019.
