Bosch reports consolidated net profit of Rs 260 crore in Q1

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Auto component major Bosch on Wednesday posted a consolidated net profit of Rs 260 crore for the first quarter ended June 30.

The company had reported a net loss of Rs 121 crore during the April-June quarter of the previous financial year.

Revenue from operations rose to Rs 2,443 crore in the first quarter as against Rs 991 crore in the first quarter of 2020-21.

While the industry has shown continued signs of recovery since the second quarter of FY 2020-21, the second wave of COVID-19 induced an undeniable pressure on the Indian automotive sector with a surge in infections, localised lockdowns, and lowered demand sentiment. The intensifying second wave proved a challenge for several OEMs across the country, causing them to cut production or suspend operations, Bosch Ltd Managing Director Soumitra Bhattacharya said in a regulatory filing.

Given the uncertain economic environment, the impending third wave of COVID-19, and unpredictability in the international supply chain, the company would like to maintain a cautious business outlook for the rest of the financial year 2021-22, he added.

The company's board, which met on Wednesday, approved the re-appointment of Bhattacharya as the Managing Director, for a period of one year from July 1, 2022, to June 30, 2023.

Bosch shares ended 1.87 percent up at Rs 15,518.85 apiece on BSE.