German automotive major Bosch reports Rs 420-crore standalone Q3 net profit, up by 19 per cent

German automotive major Bosch on Monday reported Rs 420-crore standalone net profit for the second quarter of fiscal 2018-19, registering 19 percent annual growth from Rs 353 crore in the same period a year ago.

In a regulatory filing, the city-based Indian subsidiary said standalone revenue from operations for the quarter under review (Q2) grew 13.8 percent annually to Rs 3,201 crore from Rs 2,812 crore in the like period a year ago.

Sequentially, however, net income marginally dipped 2.6 percent from Rs 431 crore and revenue remained flat (0.3) from Rs 3,212 crore quarter ago.

"Performance in the second quarter highlights our commitment to delivering best-in-class automotive solutions. We are also helping customers to meet the challenge of manufacturing only vehicles compliant with BS VI emission standards from April 2020 as ruled by the Supreme Court recently," said Bosch Ltd Managing Director Soumitra Bhattacharya in a statement here later.

Mobility solutions turnover increased by 12.3 percent while domestic sales increased by 15.1 percent. Within mobility solutions business, powertrain solutions division posted 10.3 percent growth. The automotive aftermarket division grew 21 percent after recovering from the impact of GST (Goods and Services Tax) implementation last year.

In a related development, the company's board has approved buyback of 10,28,100 equity shares of Rs 10 face value on a proportionate basis at an offer price of Rs 21,000 per share for an aggregate amount of Rs 2,159 crore after the approval of shareholders.

The company's blue-chip scrip, however, lost Rs 178.10 per share at the end of Monday's trading on the BSE to close at Rs 19,447.55 as against last Friday's closing rate of Rs 19,625.65 and opening price of Rs 19,979.