BENGALURU : Bosch, the Indian unit of German automotive supplier Robert Bosch GmbH, reported a jump in second-quarter profit on Thursday, helped by healthy demand for its automotive parts and a one-time gain from the sale of a business.
Net profit rose to ₹999 crore ($119.95 million) for the quarter ended Sept. 30 from ₹372 crore a year earlier, said the company, which makes a wide range of auto parts such as braking systems and batteries.
The company recognized a one-time gain of 7.85 billion rupees after selling its Project House Mobility Solutions business to Automobility Services and Solutions.
The profit before exceptional items and tax rose 9% to 5.32 billion rupees in the quarter.
Indian automakers saw higher demand for passenger and commercial vehicles during the quarter as well as easing semiconductor chip shortage, which helped boost volumes.
Revenue from the company’s mainstay automotive product segment rose 13%, fuelled by strong growth in the powertrain business that provides exhaust gas treatment components.
Through phase II of Bharat Stage 6 regulations, India implemented stricter emission norms that came into effect on April 1, raising demand for emission-related products.
Overall revenue from operations climbed nearly 13% to 41.30 billion rupees.
Sales in the two-wheeler business rose 18.6% on the back of easing semiconductor supplies, Bosch added.
Shares fell as much as 1.5% during the session but pared losses to close 0.6% lower after the results.
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Updated: 09 Nov 2023, 04:50 PM IST