Bosch Limited, a leading global supplier of technology and services, posted a net profit which was up 497% at Rs483.15cr in the Mar-21 quarter. Net profit margins for the Mar-21 quarter stood at 15.02%, against 3.62% in the Mar-20 quarter.
For the quarter ended on March 31, 2021, total revenue from operations increased by 43.8% as compared to the corresponding period of the previous year. Dividend of Rs115 per share proposed for FY 2020-21.
The stock ended at Rs15,838.15 up by Rs1042.45 or 7.05% from its previous closing of Rs14,795.70 on the BSE.
“Despite facing a spell of near-zero sales in the month of April and May in 2020, there has been a significant increase in the demand from the agriculture sector, mainly the tractor business. Industry showed continued signs of recovery since the second quarter of FY 2020-21, however, it remains impacted due the uncertainties in the market. International market volatilities in the supply chain will also continue to impact the auto sector. Furthermore, we have seen growth in the Power Tools segment, especially in the construction and e-commerce sectors,” said Soumitra Bhattacharya, Managing Director, Bosch Limited and President of Bosch India.
“India is witnessing an alarming spike in COVID-19 cases in the second wave of the pandemic. While the central and state governments are doing their bit to accelerate the vaccination drives and ensure the safety of its citizens, we must act responsibly by following the guidelines set by them. The welfare of our employees and people around us is a priority for Bosch. Apart from converting our sports complex into a COVID Care Center for BBMP, donating close to four million medical grade masks to frontline workers and giving free vaccination to all our staff and their dependents, we are also investing in an in-house oxygen generation unit for business purposes as well as an aid to healthcare infrastructure” Bhattacharya added.