Leading technology and services supplier Bosch Ltd on Friday reported a decline of 19.3 per cent in its net profit for the first quarter of 2017-18 due to a change in the product mix.
According to the company, change in the product mix was necessitated owing to the introduction of Bharat Stage (BS) IV emission norms across India beginning April 1, 2017. Subsequently, material and freight cost increased.
The company's Q1 net profit declined to Rs 303 crore.
"Looking forward, the company is well prepared to offer customers an array of full line solutions, as the nation transitions from BS IV to BS VI emission norms by 2020. Bosch Limited is prepared and committed to offer its support during this phase of movement," said Soumitra Bhattacharya, Managing Director, Bosch Ltd and President Bosch Group in India.