INSUBCONTINENT EXCLUSIVE:
Continued demand in the passenger car segment, coupled with growth in production and wholesale, resulted in growth for the company in the
first quarter | Representative Image2 min read Last Updated : Aug 06 2024 | 11:11 PM IST
Auto components maker Bosch on Tuesday said its
consolidated profit after tax rose 14 per cent to Rs 466 cr for the first quarter ended June 30, 2024.
The company had reported a profit
after tax of Rs 409 cr in the April-June quarter of last fiscal.
Total income rose to Rs 4,496 cr for the period under review as compared
with Rs 4,346 cr in the year-ago period, Bosch Ltd said in a regulatory filing.
"The financial year commenced with moderate growth in the
automotive market despite the challenges of a high base from the previous year, a slowdown related to elections and the summer heatwaves,"
Bosch Ltd Managing Director Guruprasad Mudlapur said.
Continued demand in the passenger car segment, coupled with growth in production and
wholesale, resulted in growth for the company in the first quarter, he added.
"However, retail sales have remained sluggish leading to a
rise in the pipeline inventory
Despite the challenges, the overall sentiment in the automotive sector remains positive," Mudlapur stated.
The growth in the Indian
economy with higher disposable incomes puts the company in a sweet spot with the continued growth in demand for the auto sector, he
noted.
"With sustained infrastructural investments, we are well positioned for growth in our power tools and building technologies
businesses," he added.
Bosch will continue to strengthen its portfolio through localization and capitalize on the potential of alternate
fuel technologies and electric vehicles to usher in a new era of mobility, Mudlapur said.
Shares of Bosch on Tuesday ended 1.09 per cent
up at Rs 32,700 apiece on the BSE.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the
rest of the content is auto-generated from a syndicated feed.)First Published: Aug 06 2024 | 11:11 PMIST
