Auto component maker Bosch Ltd. on Friday posted a near 20 percent drop in net profit for quarter ended December 2016, widely missing analyst estimates on account of higher expenses.
Net profit fell to Rs 218.2 crore in the three months ended December 2016 from Rs 272.5 crore in the corresponding period last year.
Total income from operations at the Indian arm of the German auto parts supplier Bosch Group rose 7.8 percent to Rs 2,864 crore, the company said in an exchange filing.
The company was expected to report a net profit of Rs 344 crore on sales of Rs 2,840 crore, according to Bloomberg consensus estimates.
The company's total expenses rose 13 percent to Rs 27.3 crore , with raw material costs rising about 26 percent in the quarter.
Bosch's core business of automotive products reported 4.5 percent revenue growth.
In India, Bosch supplies technology and services in the areas of mobility solutions, industrial technology, consumer goods and energy. The company also operates its largest development center outside of Germany, in India.
The company declared a special interim dividend of Rs 75 per share.
Shares of company were trading over 1 percent lower at Rs 22,760 on the BSE at 2:10 pm. The stock had risen nearly 10 percent so far this year as of Thursday's close.
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