Auto component major Bosch Ltd. on Wednesday reported 43.3 percent year-on-year fall in consolidated net profit for the third quarter of fiscal 2020 at Rs 190.2 crore on the back of a one-time loss of Rs 207 crore.
Auto component major Bosch Ltd. on Wednesday reported a 43.3 percent year-on-year fall in consolidated net profit for the third quarter of fiscal 2020 at Rs 190.2 crore on the back of a one-time loss of Rs 207 crore.
The company had reported a net profit of Rs 335.4 crore in the same period a year ago.
Total revenue from operations in Q3FY20 declined 15.7 percent to Rs 2,536.6 crore as against Rs 3,008 crore in Q3FY19.
"During the quarter, Bosch Ltd has made an additional provision of Rs 207 crore, towards various restructuring (considering the upcoming BS-Vl emission standards) and transformational projects," the company said in a regulatory filing.
These provisions are in line with the company's transformation initiatives to capture the opportunities in the emerging electric mobility segment, the company statement added.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) during the quarter decreased 22.2 percent to Rs 320.2 crore from 411.6 crore YoY. Ebitda margin contracted 110 bps YoY to 12.6 percent in the December quarter.
"The entire automobile industry is in the grip of a slowdown with a major technology shift from BS-IV to BS-VI on the horizon. Together with OEMs , Bosch has been working relentlessly to meet the April 1, 2020 deadline for the implementation of BS-Vl technologies. At the same time, we are continuing to invest in electrification and other mobility solutions," said Soumitra Bhattacharya, managing director, Bosch Ltd and president of the Bosch Group in India.
At 2:10 pm, Bosch shares were trading 2.26 percent lower at Rs 13,682 apiece on the BSE.