Bosch reports Rs 200 crore loss in Q1, to shelve 1,000 jobs
Automotive components maker Bosch swung to a loss of Rs 200 crore in the first quarter compared to a profit of Rs 280 crore a year earlier as the pandemic impacted severely an already ailing auto industry.
Revenue from operations was down 64% to Rs 991 crore. The loss was exacerbated by a one-time provision of Rs 197 crore for restructuring, reskilling and other transformational projects.
“Multiple lockdowns in several states are adversely affecting the supply chain. With the ripple effect of this continuing to be felt in the coming years, we now have to do all we can to counter the business situation while exhibiting utmost care for our associates,” said Soumitra Bhattacharya, managing director of Bosch.
The restructuring will impact about 1,000 jobs, mostly blue collared, which the company claims is part of its effort to realign with the changing dynamics of the auto industry.
“In response to the anticipated burdens as a result of the challenging situation, Bosch is taking measures to manage resources and costs. Agility and operational efficiencies will help optimise its core business. To secure liquidity, extensive programmes to adjust manufacturing capacity and cost structures are in place,” the company added.
The powertrain solutions business reported a drop in revenue of 78%. However, the two-wheeler and powersports product unit saw double-digit growth. Bhattacharya added that the auto market was down 70% in the first quarter with the heaviest impact on the heavy commercial vehicles and passenger cars. The tractor and two-wheeler market performed better.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Next Motherson swing to Q1 loss but sees Q2 recovery
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
