Bosch's India unit posts higher quarterly profit on strong auto parts sales
The Indian unit of German automotive supplier Robert Bosch reported a pre-tax adjusted profit of 8.38 billion rupees ($95.7 million) in the April-June period, up from 6.11 billion rupees a year ago. The profit figure does not include a one-time gain of 5.56 billion rupees tied to the sale of its video solutions business.
Quarterly revenue climbed 11%, led by the automotive business' 13.5% rise.
For further earnings highlights, click here.
Bosch, India's top auto parts maker by market valuation, is the first among its peers to report results in a quarter where overall auto sales by manufacturers to dealers dropped 5%.
Analysts at Motilal Oswal said the company likely benefited from higher after-market sales of auto parts.
The automotive business, Bosch's biggest segment, contributes more than 80% of overall revenue.
India is a key hub for Bosch, with a focus on cost-effective making of parts ranging from fuel injectors to spark plugs. The unit gets 90% of its revenue from local sales.
PEER COMPARISON
* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 87.5790 Indian rupees
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