Bosch India net up 45 percent on robust growth

March 1st, 2011 - 7:39 pm ICT by IANS  

Bangalore, March 1 (IANS) Bosch India Ltd posted Rs.859 crore profit for calendar year 2010, registering a strong 45 percent year-on-year (YoY) growth over 2009, the Indian subsidiary of the global German automotive major said Tuesday.”Net sales grew nearly 40 percent YoY in 2010 to Rs.6,630 crore (Rs.66.3 billion) over like period previous fiscal, with exports registering around 45 percent growth YoY due to smart rebound in demand in Europe,” the company said in a statement here.

Ebitda (earnings before income tax, depreciation and amortisation) also grew 52 percent YoY to Rs.1,203 crore, while capital expenditure shot up a whopping 109 percent to Rs.302 crore for capacity expansion and product diversification.

“The previous decade (2001-2010) and in particular last calendar year (2010) have been impressive for us as sustained economic activity led to robust growth in the automotive market,” Bosch Managing Director V.K. Viswanathan said in the statement.

The multinational auto major plans to invest about Rs.1,300 crore over the next three years on capacity expansion, modernisation and diversification.

The diesel systems unit posted a strong 52 percent YoY growth due to high demand from commercial vehicle and tractor segments.

“Replacement or after market grew 24 percent, while starters and generators and gasoline systems maintained a double digit growth,” Vishwanathan pointed out.

In view of the increase in profit, the company’s board recommended a dividend of Rs.40 per share as against Rs.30 in 2009.

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