Bosch Q1 net profit up 32% to Rs 278.93 crore

BANGALORE: The Indian arm of German auto ancillary maker Bosch Ltd has posted a 32.99 % increase in net profit for the quarter ended in June, with earnings of Rs 278.93 crore.

The Indian unit manufactures spark plugs, generator starters and alternators for the automotive sector and exports to other group firms as well. In the same period last year the net profit clocked in was Rs 209.73 crore.

Total income for the component maker stood at Rs 2024.08 crore, which was a 22.22% increase from the corresponding period last year. The company’s original equipment manyfacturer (OEM) clients include Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Ford, Ashok Leyland, Kirloskar, Hyundai and TVS Motors

Bosch in June had announced its plans to invest Rs 140 crore in India to set up a research center at the Indian Institute of Sciences (IISc). The German major will also invest Rs 2,500 crore over the next three years for capacity expansion.

The investment would include capacity augmentation, business portfolio diversification and reaserch and development. Of this investment, Bosch Ltd, the flagship company of the Bosch Group will utilize Rs 1,300 crore.
Revenues from the automotive product segment grew by 22% to Rs 1833.56 crore compared to Rs 1501.66 crore in the same quarter last year.

Bosch will set up a new electrical drives manufacturing facility in Chennai that will start production by 2012 and cater to the demand in the Indian market. The company will increase its workforce strength to 28,000 from 22,500 by 2013 deployed across Bangalore, Pune, Coimbatore and Chennai facilities.