Bosch India net up 31 percent in 2011

February 28th, 2012 - 8:14 pm ICT by IANS  

Bangalore, Feb 28 (IANS) Bosch Limited posted Rs.1,123 crore (Rs.11.23 billion) net profit for calendar year 2011, registering 31-percent increase year-on-year, the Indian subsidiary of the German automotive component major said Tuesday.

Net sales and income from operations grew 20-percent YOY to Rs.8,018 crore (Rs.80.18 billion), with exports crossing the Rs.1,000-crore mark and posting 22-percent YOY growth.

“Our growth rate, however, declined in the second half (July-December) of 2011 due to sluggish economic conditions arising out of tight liquidity, high interest rates, increase in fuel prices and overall adverse market sentiments,” company managing director V.K. Viswanathan said in a statement here.

For fourth quarter (October-December) of the fiscal under review, net profit at Rs.281 crore was 34-percent up YOY, while net sales grew 11-percent YOY to Rs.1,919 crore.

As the only listed subsidiary of Bosch group in India, the company attributed healthy rise in net profit for the year and fourth quarter to improved operating margin (15.7 percent), good growth in the after-market sales and record treasury income to Rs.100 crore, up 80-percent YOY.

“We witnessed improved demand in certain sectors of the automotive industry such as tractors and light commercial vehicles (LCVs) despite rising interest rates and fuel prices. Robust growth in after-market and power tools businesses enabled us to register a robust growth of 20 percent in 2011,” Viswanathan said.

The board of directors recommended 50-percent dividend per share for the year as against 40-percent in 2010.

Capex (capital expenditure) shot up 118-percent to Rs.659 crore during 2011.

“We will invest Rs.700 crore this year (2012) to expand capacities at our manufacturing facilities across the country,” Viswanathan added.

Of the net sales, the diesel systems business grew 19-percent YOY to Rs.4,700 crore, aftermarket business to Rs.1,800 crore, power tools business to Rs.550 crore and starters and generators to Rs.490 crore.

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