Bosch Limited registers 13% sales growth in Q208
Bosch Limited (formerly Motor Industries Co Ltd.); the flagship of the Bosch Group in India, has registered a sales growth of 13% for the quarter April-June, 2008, despite slower growth in sales of diesel vehicles.
The company generated net sales of Rs. 12,210 million in Q2 2008 April – June, registering a growth of 13% over Q2, 07. Other income increased to Rs. 1145 million in Q2, 08 as compared to Rs. 362 million in Q2, 07 mainly due to profit on sale of financial investments. The increase in steel prices and other commodity prices affected input costs and operating profitability. Nevertheless, due to the increase in other income the Profit before Tax of the company was up 20% at Rs. 2,800 million in Q2, 08 compared to Rs. 2,333 million of Q2, 07. The Profit after Tax stood at Rs. 2197 million, compared to Rs. 1642 million of Q2, 07.
The company termed the operating results so far below expectations. The interest rates are expected to remain high and no significant softening of commodity prices is foreseen. Against this background, the market situation is expected to remain extremely challenging for the remaining months of 2008.
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