India's Bosch Q2 profit rises on higher auto parts demand

BOSCH

09/11/2023 10:51

BENGALURU, Nov 9 (Reuters) - Bosch  BOSH.NS , the Indian
unit of German automotive supplier Robert Bosch GmbH, reported a
jump in second-quarter profit on Thursday, helped by healthy
demand for its automotive parts and a one-time gain from the
sale of a business.
    Net profit rose to 9.99 billion rupees ($119.95 million) for
the quarter ended Sept. 30 from 3.72 billion rupees a year
earlier, said the company, which makes a wide range of auto
parts such as braking systems and batteries.
    The company recognized a one-time gain of 7.85 billion
rupees after selling its Project House Mobility Solutions
business to Automobility Services and Solutions.
        The profit before exceptional items and tax rose 9% to
5.32 billion rupees in the quarter.
  
    Indian automakers saw higher demand for passenger and
commercial vehicles during the quarter as well as easing
semiconductor chip shortage, which helped boost volumes.
        Revenue from the company's mainstay automotive product
segment rose 13%, fuelled by strong growth in the powertrain
business that provides exhaust gas treatment components.
    Through phase II of Bharat Stage 6 regulations, India
implemented stricter emission norms that came into effect on
April 1, raising demand for emission-related products.  
    Overall revenue from operations climbed nearly 13% to 41.30
billion rupees.
    Sales in the two-wheeler business rose 18.6% on the back of
easing semiconductor supplies, Bosch added.
    Shares fell as much as 1.5% during the session but pared
losses to close 0.6% lower after the results.
    

($1 = 83.2825 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru; editing by Eileen
Soreng)
 ((Dimpal.Gulwani@thomsonreuters.com;))