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Bangalore, April 27 Automotive component major Bosch India recorded a decline of 70 per cent in its net profit for the first quarter ended March 31, 2009 on lower net sales that took a hit from weak automotive sector growth following the economic slowdown and production loss due to short spells of strikes in January and February.

The company also incurred a sharp increase of Rs 36.18 crore in its depreciation expenditure to Rs 88.87 crore during the period on account of huge capital expenditure incurred as part of its growth plans over a period.

The net profit was Rs 49.38 crore against Rs 161.72 crore for the same period in FY2008. Sequentially, the net had seen a sharp fall from Rs 94.2 crore in the October-December 2008 quarter.

Bosch’s sales for the quarter decreased by 18 per cent to Rs 991.69 crore from Rs 1,205.10 crore for the corresponding period in the previous year. The total income was down 21 per cent at Rs 1,005 crore against Rs 1,213.23 crore.

The quarter recorded a flat growth from its sequential figure of December 2008 when its total income was Rs 1,059.79 crore.

More Stories on : Automobile Components

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