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German auto component major Bosch India on Tuesday reported Rs 412 crore net profit for the fourth quarter of fiscal 2018-19, registering 5 per cent annual decline from Rs 434 crore in the same period of 2017-18.
For the fiscal, net profit, however, grew 16.6 per cent yearly to Rs 1,598 crore from Rs 1,371 crore in 2017-18.
Net profit at Rs 412 crore for the quarter grew 23 per cent sequentially from Rs 335 crore in the third quarter.
Standalone operating profit for the quarter under review declined 22 per cent annually to Rs 562 crore from Rs 724 crore in the same period a year ago but increased 14.5 per cent sequentially from Rs 490 crore last quarter.
Standalone revenue from operations for the quarter at Rs 2,749 crore decreased 13 per cent lower to Rs 2,749 crore from Rs 3,158 crore a year ago and 11 per cent sequentially from Rs 3,096 crore a quarter ago.
Operating profit for the fiscal grew 9.7 per cent yearly to Rs 2,341 crore from Rs 2,135 crore in the previous fiscal.
Revenue from operations for the fiscal under review grew 3.5 per cent yearly to Rs 12,258 crore from Rs 11,872 crore in the previous fiscal.
"The decline in quarterly profit is due to lower sales and unfavorable exchange rate. The quarterly results must be contextualised in the predominant weakness of the automotive market," the city-based company said in a statement.
It also said investment increased 30 per cent annually to Rs 597 crore for the fiscal, while domestic sales increased by four per cent while exports decreased 4.5 percent for the fiscal.
"We are focused on achieving profitable growth. Through investments, infrastructure development and adaptation of technology, we look to secure business in challenging times for the automotive industry in the country," Bosch Managing Director Soumitra Bhattacharya said in the statement.
On the outlook for the current fiscal 2019-20, Bhattacharya said as India's mobility sector was transforming, the growth would be more in electric mobility owing to innovations in the industry.
"The Indian automotive components industry is set to become the world's third-largest by 2025. We are preparing for the future of digital transformation with Internet of Things (IoT) and boosting the mobility solutions sector," he said.
The company's board has recommended a dividend of whopping 1,050 per cent or Rs 105 per share of Rs 10 face value for the fiscal.
The company's blue-chip scrip, however, lost Rs 185.75 per share to end at Rs 17,394.40 in Tuesday's trading on the BSE from Monday's closing rate of Rs 17,580.15 and opening price of Rs 17,650.