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Auto components firm Bosch Ltd on Tuesday (November 12) reported a 46.4% year-on-year (YoY) decline in net profit at ₹536 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Bosch India posted a net profit of ₹999 crore, the company said in a regulatory filing.
Revenue from operations increased 6.4% to ₹4,394.3 crore against ₹4,130 crore in the year-ago period. This growth was driven by increased sales in passenger cars and off-highway segment, particularly genset applications.
At the operating level, EBITDA increased 14% to ₹560.5 crore in the second quarter of this fiscal over ₹491.2 crore in the same quarter in FY24.
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The EBITDA margin stood at 12.8% in the reporting quarter versus 11.9% YoY. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The profit before tax (excluding exceptional items) stood at ₹677 crore (€74 million) which is 15.4% of the total revenue from operations, an increase of 27.3% over the same quarter of the previous year.
The profit before tax (including exceptional items) stood at ₹726 crore (€79 million), which is 16.5% of the total revenue from operations. Exceptional items pertain to the gain on the sale of the OE/OES diagnosis business in the current quarter.
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Overall, product sales in the automotive segment have increased by 6.7% compared to the same quarter of the previous year. The power solutions business, which constitutes 73% of the overall automotive product sales, grew by 5.7% over the same quarter of the previous financial year, driven by increased sales in the passenger cars segment, genset applications and higher exports.
The mobility aftermarket business grew by 8.8% compared to Q2 of FY24 on account of increased market demand for lubricants and diesel components. The beyond mobility business recorded a 13.8% increase in net sales over the same quarter of the previous financial year, driven by continued growth in the power tools and security technologies segment.
Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director, Bosch, said, "Despite unpredictable rainfall and several macroeconomic factors affecting the automotive industry's overall performance this quarter, we showcased our capacity to adapt to changing market demands and provide high-quality solutions that align with our customers' needs."
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The results came after the close of the market hours. Shares of Bosch Ltd ended at ₹33,394, down by ₹1,571.30, or 4.49%, on the BSE.
(Edited by : Shoma Bhattacharjee)
