Bengaluru, May 25 (IANS) Automotive components maker Bosch Ltd. on Thursday reported a 10 per cent year-on-year (YoY) decline in net profit to Rs 441 crore for the fourth quarter (Q4) of fiscal 2016-17 from Rs 491 crore in same period year ago. Also Read - IRFC IPO Allotment Today: Check Where, When And How to Check Your Application Status
Sequentially, however, net profit in Q4 zoomed a whopping 102 per cent quarter on quarter (QoQ) from Rs.218 crore in the third quarter (Q3) of FY 2017. Also Read - Market Today: Sensex Jumps 170 Pts Amid Global Ahead of Budget 2021; Nifty tops 14,590
“For the fiscal under review (FY 2016-17), standalone net profit grew 13.4 per cent YoY to Rs 1,741 crore from Rs 1,535 crore in fiscal 2015-16,” said the Indian arm of the German multinational. Also Read - Sensex, Nifty Continue Record Run in Opening Session
Total income from operations in Q4 grew 3.2 per cent YoY to Rs 2,780 crore from Rs 2,695 crore in like period year ago but declined 3.4 per cent QoQ from Rs 2,877 crore in Q3 on standalone basis.
Total income for FY 2017 registered a modest 7.7 per cent YoY growth to Rs 11,243 crore from Rs 10,441 crore in FY 2016 on standalone.
“Our business grew above the production volumes of the domestic automotive market in the quarter and fiscal under review though exports declined due to weak demand from overseas markets,” said Bosch Managing Director Soumitra Bhattacharya in a statement here.
The company’s Board of Directors recommended a final dividend of Rs 90 per share of Rs 10 face value for the fiscal, in addition to a special dividend of Rs 75 per share from the sale of Starter Motors and Generators business in February.
On the outlook for the new fiscal (2017-18), Bhattacharya said the company would have a moderate growth under challenging market conditions.
“We remain optimistic about the current fiscal, while adopting a course correction. A pro-active government focused on reforms, reducing interest rates, expectations of a normal monsoon and improved liquidity post re-monetisation, substantiates our outlook, as these factors have also helped improve market sentiment,” asserted Bhattacharya.
Key taxation reforms like the Goods and Service Tax (GST), smart cities and stable political situation will contribute to moderate growth in the automotive and non-automotive sectors.
The company’s blue chip scrip gained a record Rs 609.85 or 2.68 per cent per share on the BSE to end at Rs 23,405 from Wednesday’s closing price of Rs 22,798.80 after opening at Rs 22,795.85 and trading at a high of Rs 24,056.80 and low of Rs 22,600 during the intra-day trading sessions.
This is published unedited from the IANS feed.