Bengaluru, May 25 (IANS) Global supplier of technology and service Bosch would invest Rs.770 crore this fiscal (2016-17) to expand its manufacturing capacity near here and at Nashik in Maharashtra, a top official said on Wednesday.
"We are investing Rs.770 crore this fiscal to expand capacity in our manufacturing plants at Bidadi near Bengaluru and Nashik for common rail pumps and injectors," Bosch managing director Steffen Berns told reporters here.
The Indian subsidiary of the German industrial behemoth is also investing an unspecified amount in its research and development centre in this tech hub.
The city-based firm invested Rs.480 crore last fiscal (2015-16) in setting up and commencing operations of a diesel systems plant at Bidadi, about 30km away, and a power tools plant in Chennai for making products for the domestic market.
"Though our performance this fiscal will be determined by monsoon, fuel prices, interest rates, we expect moderate growth in the automotive industry and are optimistic about the Indian market in other verticals," said Berns after declaring financial results for last fiscal (FY 2016).
With the enforcement of Bharat Stage-6 emission norms, the business environment is favourable for growth though challenging due to delay in the reform process.
"Domestic business grew well above the production volumes of the automotive market in fourth quarter (January-March) of fiscal under review, while exports declined due to weak demand from overseas markets," said Berns on the occasion.
Net profit for quarter under review (Q4) grew 31 percent to Rs.376 crore while net sales and other income increased 12 percent to Rs.2,635 crore on standalone basis.
Net profit for fiscal under review (FY 2016) grew 23 percent to Rs.1,245 crore and net sales and other income 9.5 percent to Rs.10,415 crore on standalone basis.
"Favourable product mix, increased operational efficiencies and higher productivity led to profit and sales growth in last quarter as well as last fiscal," added Sterns.
In the mobility solutions, diesel and gasoline systems registered double digit growth as against single digit growth in previous fiscal.
The Indian subsidiary (Bosch Ltd) changed its financial (fiscal) year to April-March period from January-December calendar year since April 2015, which is, however, followed by its parent firm, that reported 70.6 billion euros from sales in CY 2015.
With the largest development centre outside Germany here, Bosch India has nine operations and 15 production plants across the country spanning mobility solutions, industrial technology, consumer goods, and energy & building technology, with about 30,000 employees.
The group's consolidated revenue was Rs.17,022 in 2015, including Rs.12,100 crore from third party.
