Mumbai, Aug 11 (IANS) Leading technology and services supplier Bosch Ltd on Friday reported a decline of 19.3 per cent in its net profit for the first quarter of 2017-18 due to a change in the product mix. Also Read - Mumbai Rains: Heavy Rains Paralyse City, IMD Warns of 'Flooding', Local Trains Suspended Due to Waterlogging; BMC Declares Holiday
According to the company, change in the product mix was necessitated owing to the introduction of Bharat Stage (BS) IV emission norms across India beginning April 1, 2017. Subsequently, material and freight cost increased. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
The company’s Q1 net profit declined to Rs 303 crore. Also Read - Kangana Ranaut Receives Notice From BMC Over 'Unauthorised Construction' of Her Residence, Here’s What They Found ‘Illegal’
“Looking forward, the company is well prepared to offer customers an array of full line solutions, as the nation transitions from BS IV to BS VI emission norms by 2020. Bosch Limited is prepared and committed to offer its support during this phase of movement,” said Soumitra Bhattacharya, Managing Director, Bosch Ltd and President Bosch Group in India.
This is published unedited from the IANS feed.