Bosch reports consolidated net loss of Rs 64.57 crore for September quarter

Consolidated revenue from operations during the quarter under review stood at Rs 2,479.18 crore as against Rs 2,312.68 crore in the year-ago period, it added.

November 06, 2020 / 07:12 PM IST
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Auto components major Bosch Ltd on November 6 reported a consolidated net loss of Rs 64.57 crore in the second quarter ended September 30. The company had posted a consolidated net profit of Rs 98.40 crore in the same period last fiscal, Bosch Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 2,479.18 crore as against Rs 2,312.68 crore in the year-ago period, it added.

"The Indian automotive market continues to undergo structural changes. In order to be fit for the future, Bosch Limited has continued investment in its 3R strategy of restructuring, reskilling and other transformational projects. To support this, an additional amount of Rs 400 crore has been provided and disclosed as an exceptional item for the quarter ended September 30, 2020," the company said in a statement.

Commenting on the company's performance, Bosch Limited Managing Director and President of the Bosch India Group, Soumitra Bhattacharya said: "The auto industry is going through a prolonged slump. However, there has been a sequential recovery month over month in segments mainly led by two-wheelers and tractors. We will witness faster growth if we have the government's support on GST reduction and scrappage policy."

In the second quarter, Bosch Ltd said sales of powertrain solutions business division saw a rise thus helping Bosch Ltd's Mobility Solutions turnover increase by 7.5 percent. The two-wheeler and Powersports business continued to witness double-digit growth during the quarter while business in the beyond mobility segment posted a decline of 4.6 percent.

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` "The reduction is on account of decline in business with solar energy and security technologies which are mainly project-driven," it added. On the outlook, Bhattacharya said: "We are closely listening to our employees, customers and other stakeholders to operate efficiently in these times of 'New Normal'. Even in these turbulent times, we are cautiously optimistic of heading towards a break-even for this financial year."
PTI
first published: Nov 6, 2020 07:12 pm

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