Bosch Q3 net profit dips 3% to ₹184 crore

Auto component major Bosch on Thursday said its consolidated net profit declined by 3.24 per cent to ₹184.15 crore for the third quarter ended December 31, 2020.

The company had posted a net profit of ₹190.33 crore in the October-December period of 2019-20.

Revenue from operations however increased to ₹3,029.64 crore as against ₹2,536.64 crore in the year-ago period, Bosch Ltd said in a regulatory filing.

“The sales figure for the festive season in the last quarter was better than anticipated, especially in the tractor and passenger automotive segments. However, the volatilities in the supply chain continued to disrupt growth," Bosch Ltd managing director Soumitra Bhattacharya said.

Since late last year, the industry has been hit by a shortage in the supply of semiconductors, which has impacted the company's imports and automotive production in India, he added.

The company is currently focusing on maintaining supply chains to the extent possible despite a tense market situation, while discussing the issues directly with its customers and suppliers, Bhattacharya said.

The company said its board approved the appointment of SC Srinivasan as a Joint Managing Director for a period of three years with effect from February 12,2021 to February 11, 2024, subject to approval of the shareholders.