Bosch's India unit posts higher quarterly profit on demand for auto parts

BOSCH

Yesterday 09:55

Nov 6 (Reuters) - Bosch Ltd BOSH.NS, the Indian unit of German auto supplier Robert Bosch, posted a near 22% rise in second-quarter profit on Friday, driven by higher demand for its components used in passenger cars and commercial vehicles.
The Bengaluru-based company reported a standalone net profit of 6.75 billion rupees ($71.69 million) for the quarter ended September 30, up from 5.54 billion rupees a year earlier.
Here are some details:
Revenue from operations rose nearly 29% to 61.64 billion rupees
"This quarter (Q2), our performance was driven by steady demand across all vehicle segments and positive market momentum due to the ongoing festive season," said Guruprasad Mudlapur, president of Bosch Group in India
Automakers typically increase production ahead of India's key festive season, which falls in November this year
Revenue in the automotive products business, which forms the bulk of the total, rose 29%
However, the company expects fewer vehicles, including passenger cars, tractors and commercial vehicles, to be manufactured in India in the third quarter
Bosch manufactures components and accessories for cars and two-wheelers
     
($1 = 94.1550 Indian rupees)

 (Reporting by Puyaan Singh in Bengaluru; Editing by Sonia Cheema)
 ((Puyaan.Singh@thomsonreuters.com;))