New Delhi: Auto component major Bosch reported 35.04% decline in its consolidated net profit at Rs 279.95 crore for the first quarter ended June, hit by slowdown in the domestic automobile industry.
The company said it has initiated several measures including "manpower adjustments" to remain competitive in the market. During the period under review, the company's revenue from operations declined to Rs 2,778.82 crore for the April-June quarter, Bosch said.
The Bengaluru-based firm said the Indian automotive market is undergoing major changes as a result of various economic, regulatory, technological and market factors, including opportunities arising in electric mobility segment.
"In light of this, the company has initiated several transformation projects, including restructuring, to remain competitive. The company has set up a provision of Rs 82 crore towards restructuring, reskilling and redeployment, that has been disclosed as an exceptional item for the June quarter."