India's Bosch posts Q4 profit rise on higher demand
Business
India's Bosch posts Q4 profit rise on higher demand
BENGALURU (Reuters) - Bosch, the Indian arm of German automotive supplier Robert Bosch GmbH, reported a 41.5% climb in fourth-quarter profit on Friday, helped by better demand for its automotive products and consumer goods.
Net profit rose to 5.65 billion rupees ($67.99 million) in the quarter ended March 31 from 3.99 billion rupees a year earlier for the company, which makes auto parts and accessories for cars, two-wheelers, and railways among others.
India's total vehicle production during the January-March period rose over 21%, which in turn also helped expand the auto parts demand.
"The resilient uptick (in revenue in the year) was fuelled by increased demand for passenger cars and consumer goods product segment," the company said in a statement.
Revenue from operations grew 4.2% to 42.33 billion rupees, pushed up by a 2.8% rise in the moneymaker automotive products segment, while the smaller consumer goods segment grew 10.1%.
Total expenses rose 3.6% in the quarter.
Shares of Bosch closed down 0.1% ahead of results, while it had gained 38.9% in the year so far.
