German engineering and electronics giant Bosch on Thursday reported a 19% fall in the net profit for the December quarter even as it announced augmenting of its existing facility at Adugodi, in south Bangalore, apart from transforming it into a state-of-the-art R&D hub.
The company also announced the launch of a new business unit, Bosch Energy and Building Solutions India, which would focus on end-to-end energy generation and efficiency. The company said its energy business has grown rapidly, though on a lower base, and offers enormous growth potential in the country.
Bosch reported a 19% decline of net profit at Rs 139 crore in the December quarter against Rs 172 crore it reported for the same period of the previous fiscal. The company reported a growth of 1.4% in revenue at Rs 2,162 crore in Q4 against the Rs 2,132 crore it reported in the same quarter last year. The company follows January-December financial year.
“The prolonged slowdown of the automotive industry in 2013 coupled with weak consumer demand has affected the overall industry as well as our growth. Our non-automotive business has been doing very well with its share increasing steadily as we continue to expand our operations in this sphere,” said Steffen Berns, managing director, Bosch Limited. “We are positive of the mid and long-term growth prospects. In particular, we expect to see the situation improve following this year’s general elections,” he added.