Bosch reports consolidated net profit of Rs 260 crore in Q1

Revenue from operations rose to Rs 2,443 crore in the first quarter as against Rs 991 crore in the first quarter of 2020-21.

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Auto component major Bosch on Wednesday posted a consolidated net profit of Rs 260 crore for the first quarter ended June 30.

The company had reported a net loss of Rs 121 crore during the April-June quarter of the previous financial year.

Revenue from operations rose to Rs 2,443 crore in the first quarter as against Rs 991 crore in the first quarter of 2020-21.

While the industry has shown continued signs of recovery since the second quarter of FY 2020-21, 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, Bosch Ltd Managing Director Soumitra Bhattacharya said in a regulatory filing.

Given the uncertain economic environment, the impending third wave of COVID-19, and unpredictability in the international supply chain, the company would like to maintain a cautious business outlook for the rest of the financial year 2021-22, he added.

The company’s board, which met on Wednesday, approved the re-appointment of Bhattacharya as the Managing Director, for a period of one year from July 1, 2022, to June 30, 2023.

Bosch shares ended 1.87 percent up at Rs 15,518.85 apiece on BSE.