Bosch said automotive products business in June quarter grew by 9.7 percent to Rs 2,727 crore with its EBIT (earnings before interest and tax) rising 61.5 percent to Rs 560.3 crore YoY.
Technology and services supplier Bosch has reported healthy 42.4 percent year-on-year growth in profit to Rs 431 crore for the quarter ended June, driven by automotive products business.
Profit in year-ago quarter stood at Rs 302.6 crore.
Revenue during the quarter increased 21.3 percent to Rs 3,212 crore compared to Rs 2,648 crore in same period last year.
"We will continue to make considerable upfront investments – in the form of capital expenditure, high spending on R&D, and opening new markets," Soumitra Bhattacharya, Managing Director, Bosch said.
He further said the remaining financial year will see Bosch making significant innovative additions to the Indian automotive industry.
EBITDA (earnings before interest, tax, depreciation and amortisation) surged 43.2 percent year-on-year to Rs 628.2 crore and margin expanded by 300 basis points to 19.6 percent in Q1.
Automotive products business in June quarter grew by 9.7 percent to Rs 2,727 crore with its EBIT (earnings before interest and tax) rising 61.5 percent to Rs 560.3 crore and margin expanding 660 basis points to 20.5 percent YoY.
Bosch said its mobility solutions business sector grew by 20.5 percent in 2018-19 with domestic sales rising by 21.7 percent and export registering a growth of 7.4 percent. "Within the mobility solutions business, the powertrain solutions business division showed a significant performance registering a strong double-digit growth of 26.5 percent."
It further said powertrain solutions domestic sales increased by 28.2 percent, outperforming the domestic automotive market, which posted a growth of 24.6 percent in the same period.
Business beyond the mobility solutions sector registered a double-digit growth of 48.9 percent contributed majorly by energy business and power tools business division, it added.
Tax expenses increased 46 percent to Rs 219 crore compared to a year-ago.
In India, Bosch is a leading supplier of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology.At 11:57 hours IST, the stock price was quoting at Rs 19,629.00, up Rs 509.25, or 2.66 percent on the BSE.