Bosch Ltd., a supplier of technology and services, announced on Friday net profit rose 42.4% to Rs 431 crore in the first quarter ended June 30, 2018, compared with the same period a year earlier.
“We will continue to make considerable upfront investments — in the form of capital expenditure, high spending on R&D and opening new markets,” said Soumitra Bhattacharya, managing director at the Indian unit of Germany’s Bosch group.
“The remaining financial year will see Bosch making significant innovative additions to the Indian automotive industry,” Bhattacharya said.
Revenue increased 21.3% to Rs 3,212 crore as Bosch’s mobility solutions business sector grew 20.5%.
Domestic sales climb
Domestic sales increased 21.7%, while exports registered a growth of 7.4%, the company said in a statement. The mobility solutions business was driven by the powertrain solutions business division which grew 26.5%. Powertrain solutions’ domestic sales increased 28.2%, outperforming the domestic automotive market, which posted a growth of 24.6% in the same period.
“Bosch is transforming into an end-to-end technology and IoT services provider,” Bhattacharya said.
“With so much potential in our country, we are confident that Bosch Limited will make positive progress with its connected solutions and integrated mobility offerings,” Bhattacharya said.