Auto component major Bosch Limited has reported a net profit of INR 260 crore during the quarter ended on Jun 30, 2021. The company had reported a loss of INR 121 crore during the same quarter last year. In a statement to BSE, the company reported that it has posted total revenue from operations of INR 2,444 crore in Q1 FY22, an increase of 146%.
Soumitra Bhattacharya, Managing Director, Bosch Limited and President, Bosch Group in India, said, “While the industry has shown continued signs of recovery since the second quarter of FY21, 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.”
“Given the uncertain economic environment, the impending third wave of COVID-19, and unpredictability in the international supply chain, we would like to maintain a cautious business outlook for the rest of FY22,” he added.
Segment-wise performance
Product sales increased 181% in Q1 FY22, with the powertrain solutions division registering an increase of 316% and the two-wheeler division witnessed a rise of 156% due to a low base in Q1 FY21.
Outside the mobility solutions business sector, the company recorded an increase of 82%. In June 2021, the company witnessed a recovery in sales volumes after easing nationwide lockdown restrictions.