Bosch profit rises 10.8% to Rs423 crore
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Bengaluru: Technology and services provider Bosch Ltd reported a 10.8% increase in net profit from a year ago to Rs423 crore in the quarter ended 30 September and announced the appointment of a new managing director.
Second quarter sales at the Indian arm of German auto parts supplier Bosch Group rose 7.7% to Rs2,738 crore, the company said in a filing with the BSE on Wednesday.
“Improved market sentiments, normal monsoon and the festive season have led to a strong quarter for the automotive market. For the quarter, Bosch Limited has registered a healthy growth in line with the market,” managing director Steffen Berns said in a statement.
“We continue to focus on operational efficiencies and productivity improvements. We feel well prepared for the future emission legislation with our products, experience and testing infrastructure facilities,” he added.
Soumitra Bhattacharya, the current joint managing director, will take over from Berns as managing director effective 1 January 2017. Bhattacharya has been with the company for the past 22 years in various capacities in India and abroad.
Berns, who completes his four-year term on 31 December 2016, will return to Germany where he will take up a new position as president of the Bosch Car Multimedia Division. Andreas Wolf, who is currently the executive vice president of manufacturing and quality, will become the joint managing director of Bosch Ltd in India.