Bosch on Tuesday highlighted about Covid-19 impact on the automotive industry as a whole and the performance in the second quarter of FY21. Bosch spoke about its imports performance and supply in Indian auto industry amid the pandemic and its impact.
Bosch said, "The automotive sector was going through a downturn in FY20 due to structural changes and this was further impacted with stringent lockdowns due to COVlD-19 pandemic."
Further, Bosch said, "In the Second Quarter of FY21, the automotive industry showed signs of recovery but remained impacted due to volatile forecasts and disruptions in global supply chain & planning."
"In parallel, the demand in the consumer electronics industry has seen steep escalations driven by safety and hygiene sentiments as well as the rise of 5G connectivity. This led to a surge in global demand of semiconductors, a critical component in the manufacturing of automotive electronics," Bosch added.
Talking about its imports, Bosch said, "As an outcome, imports of Bosch Ltd has been impacted with a severe supply shortage for Imported microprocessors (semiconductors), leading to reduced ability to deliver to the automotive market demand in India."
That said, Bosch added saying, "Restoration of normalcy in global supply situation for imported components and impacts are being very closely assessed and addressed on top priority."
On Sensex, Bosch ended at Rs13,233.30 per piece down Rs200.95 or 1.50%.