Bosch’s Indian unit posts Q3 profit rise, boosted by auto part sales-OxBig News Network

(Reuters) – Auto parts-maker Bosch, the Indian unit of German automotive supplier Robert Bosch, reported a rise in third-quarter adjusted profit on Tuesday on the back of steady sales of automobile parts.

The company’s profit before exceptional items and tax rose nearly 9% year-on-year to 6.65 billion rupees (nearly $77 million) in the three months to Dec. 31.

Revenue grew 6% to 44.66 billion rupees.

Bosch makes auto parts and accessories for cars, two wheelers and railways, among others.

Its automotive products business accounts for about 87% of the total revenue.

India’s overall auto sales grew 3.1% in the December quarter, helped by the demand-driving festive season. Car sales rose 4.5% and sales of motorcycles and scooters gained 3% from a year earlier.

During the quarter, the company made a one-time provision worth 471 million rupees for restructuring of operations in its mobility business.

Estimates (next 12 Analysts’ sentiment

RIC PE EV/EBI Revenue Profit Mean # of Stock to Div

TDA growth growth rating* analyst price yield

Bosch Ltd 36.86 30.76 9.74 22.85 Hold 3 0.98 1.26

Samvardhana 19.33 8.54 9.11 28.73 Buy 19 0.76 0.58

UNO Minda Ltd 41.15 23.45 17.20 24.02 Buy 16 0.78 0.23

Sona BLW 38.97 23.33 28.82 38.09 Buy 15 0.78 0.62

* The mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT

OCT-DEC STOCK PERFORMANCE

— $1 = 86.5350 Indian rupees

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)