Bangalore: Auto component maker Bosch Ltd posted a 11.3% increase in net profit to Rs209.73 crore in the quarter ended 30 June from a year earlier, buoyed by robust domestic and export demand. Revenue grew 36.26% to Rs 1,700.36 crore.
The power train and braking systems maker’s profit grew at a slower pace than revenue because of a fall in treasury income, accounted under other income. Other income fell 74.37% to Rs16.26 crore. Expenditure increased 34.24% to Rs1,380.98 because of salary increases and an increased headcount.
In the corresponding quarter of the previous year, the company had encashed some tax-free, fixed-maturity instruments, said VK Viswanathan, managing director at Bosch.
“Revenues grew due to good domestic growth. Exports are doing quite well ..,”said Viswanathan. Riding demand from Europe, the company’s exports grew 60% to Rs211 crore.
Indian auto sales have been robust and touched a record high of around 1.24 million units in July, a 31% increase over the same period last year, as consumers were attracted by cheaper loans and took to new car and bike models. Increased auto sales have benefited component makers.
The company’s shares closed at Rs5,783.85, having slipped 0.71% in line with the Bombay Stock Exchange barometer, the Sensex.