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BENGALURU (Reuters) - Bosch Ltd, the Indian unit of German automotive supplier Bosch, on Tuesday warned of a "challenging 2023" amid growing fears of recession, after reporting a 36% jump in third-quarter profit.
Surging inflation and worries of a global economic slowdown have left several multinational firms cautious of their growth prospects this year, as people cut back on discretionary spending.
"There are possibilities of a global recession, and India will not be immune to these impacts," Managing Director Soumitra Bhattacharya said in a statement.
The company's shares fell as much as 2.5% after the results.
Bosch's net profit rose to 3.19 billion rupees ($442.30 million) for the three months ended Dec. 31, up from 2.35 billion rupees a year ago.
The quarter saw improved demand for the two-wheeler business and powertrain solutions unit, even as the country's auto market continues to see fluctuations, the company said.
Revenue from automotive products, which accounts for nearly 90% of its topline, reported about 18% growth in the third quarter. Bosch's revenue from operations rose 17.7% to 36.60 billion rupees.
Indian car makers, such as Maruti Suzuki, posted robust sales in the third quarter as production picked up with easing supply chain constraints that spurred demand for parts makers.
While Bosch India is still tackling production setbacks due to supply chain disruptions and chip shortages, the company said those pressures eased in recent months.
($1 = 82.7500 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; editing by Eileen Soreng)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, February 14 2023. 17:18 IST
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