MUMBAI: Bosch Ltd, a leading automotive supplier, reported a 64% year-on-year decline in its standalone revenue from operations at ₹992 crore during the June quarter because of disruptions in the wake of the coronavirus pandemic.
Revenue was at ₹2,755 crore in the year-ago period.
The Bengaluru-based tier one vendor reported a net loss of ₹120 crore during the quarter under review as against a profit of ₹280 crore a year ago as the pandemic hit vehicle sales across segments.
While vehicle manufacturers and suppliers lost two months of production and sales during the June quarter, intermittent lockdowns thereafter have continued to impact business.
Bosch had reported a few coronavirus cases at its Bidadi, Bengaluru, unit in June, which resulted in shutting down of the plant for deep cleaning and sanitisation.
Cases, however, rose in July with 80 employees at the site affected, resulting in in further loss of business.
"As anticipated, the financial year 2020-21 began on an extremely challenging note," said Soumitra Bhattacharya, managing director, Bosch Ltd, adding that the Indian economy is expected to witness sharp contraction, with GDP projected to be between -4% and -6% in the current fiscal year.
"Multiple lockdowns in several states are adversely affecting the supply chain. With the ripple effect of this continuing to be felt in the coming years, we now have to do all we can to counter the business situation while exhibiting utmost care for our associates," he said.
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