Bosch Q1 Profit Up 14% to Rs 466 Cr | Auto Components Maker

New Delhi, Aug 6 (PTI) Auto components maker Bosch on Tuesday said its consolidated profit after tax rose 14 per cent to Rs 466 crore for the first quarter ended June 30, 2024.

The company had reported a profit after tax of Rs 409 crore in the April-June quarter of last fiscal.

Total income rose to Rs 4,496 crore for the period under review as compared with Rs 4,346 crore in the year-ago period, Bosch Ltd said in a regulatory filing.

"The financial year commenced with moderate growth in the automotive market despite the challenges of a high base from the previous year, a slowdown related to elections and the summer heatwaves," Bosch Ltd Managing Director Guruprasad Mudlapur said.

Continued demand in the passenger car segment, coupled with growth in production and wholesale, resulted in growth for the company in the first quarter, he added.

"However, retail sales have remained sluggish leading to a rise in the pipeline inventory. Despite the challenges, the overall sentiment in the automotive sector remains positive," Mudlapur stated.

The growth in the Indian economy with higher disposable incomes puts the company in a sweet spot with the continued growth in demand for the auto sector, he noted.

"With sustained infrastructural investments, we are well positioned for growth in our power tools and building technologies businesses," he added.

Bosch will continue to strengthen its portfolio through localization and capitalize on the potential of alternate fuel technologies and electric vehicles to usher in a new era of mobility, Mudlapur said.

Shares of Bosch on Tuesday ended 1.09 per cent up at Rs 32,700 apiece on the BSE.