India's Bosch posts Q3 profit climb on healthy auto parts demand

BOSCH

13/02/2024 10:22

BENGALURU, Feb 13 (Reuters) - Bosch  BOSH.NS , the
Indian arm of German automotive supplier Robert Bosch GmbH,
reported a 62.5% climb in third-quarter profit on Tuesday,
buoyed by strong demand for its automotive parts.
    The company's net profit rose year-on-year to 5.18 billion
rupees ($62.4 million) in the three months to Dec. 31.
    Bosch makes auto parts such as braking systems and
batteries, and also has a powertrain business that provides
exhaust gas treatment components.
    The auto components and train businesses are clubbed under
what the company calls "automotive products", which accounts for
more than 86% of total revenue.
    Demand for auto parts shot up as vehicle production jumped
21% year-on-year in the quarter, according to data from industry
body Society of Indian Automobile Manufacturers.
    As a result, revenue from the automotive products segment
climbed almost 13%, driving total revenue up almost 15% to 42.05
billion rupees.
    This helped outpace the company's 11% rise in total
expenses. Raw material costs jumped 16% as the global prices of
some metals, including steel, rose in the quarter on aggressive
demand from China.
    The company also had a one-time item of 588 million rupees
in the quarter as a reversed provision relating to regulatory
changes for some emission rules in India.
    Its profit before exceptional items and taxes rose 44%
year-on-year.

($1 = 82.9870 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Janane
Venkatraman
)
 ((varunvyas.hebbalalu@thomsonreuters.com;))