Auto component maker Bosch Ltd reports 38.79% decline in net profit for the fourth quarter ended December 31, 2012 at Rs 172.06 crore.
NEW DELHI: Auto component maker Bosch Ltd today reported 38.79 per cent decline in net profit for the fourth quarter ended December 31, 2012 at Rs 172.06 crore.
The company had posted a net profit of Rs 281.14 crore for the same quarter previous year, Bosch Ltd said in a filing to the BSE.
Net sales during the period under review stood at Rs 2,055.69 crore as against Rs 1,946.41 crore in the year-ago period, it added.
Commenting on the company's financial results, Bosch Ltd Managing Director Steffen Berns said: "The economic downtrend continued into the fourth quarter. The overall automotive production increased marginally and the heavy, medium commercial vehicle and tractor segments which contribute significantly to our business, declined sharply."
Exports too declined due to the euro zone crisis. Despite these challenges, the company was still able to achieve 6.4 per cent growth over 2011, he added.
For the full year 2012, net sales was at Rs 8,510.75 crore as against Rs 7,997.18 crore in the previous year. Net profit during the year stood at Rs 958.17 crore as against Rs 1,222.56 crore in 2011.
"Main contributors were the starter motors and generators division, automotive aftermarket as well as the non-automotive business," Berns said.
On the outlook for the New Year, he said: "We are approaching 2013 with cautious optimism and tight cost control until we see clear signs of improvement. We are convinced of the strong growth perspectives of theIndian market in the mid and long-term and therefore continue our investments into new technology and capacity expansion for the future."
The company said its Board of Directors has recommended a dividend of Rs 60 per share for 2012, as compared to Rs 50 per share in 2011.