Bosch profit rises 19% to Rs 335 cr in third quarter; Bhaskar Bhat’s appointment as independent director gets nod

New Delhi: Auto component maker Bosch on Wednesday reported 19.34 percent rise in standalone net profit at Rs 335.37 crore for the third quarter ended 31 December, 2018. The company had posted a standalone net profit of Rs 281.01 crore in the year-ago quarter, Bosch said in a regulatory filing. [caption id=“attachment_3891751” align=“alignleft” width=“380”] Representational image. Reuters[/caption] Total income during the period under review stood at Rs 3,274.12 crore as compared to Rs 3,174.18 crore in the same quarter last fiscal, it added. Expenses in the third quarter were higher at Rs 2,784.22 crore as compared to Rs 2,751.27 crore in the same period a year ago. Bosch said the board of directors of the company, at its meeting held on Wednesday, approved appointment of Bhaskar Bhat as an independent director for a second term of five years with effect from 1 April, 2019. Similarly, the board also approved reappointment of Bernhard Steinruecke as an independent director for another term of five years with effect from 1 April, 2019. It also approved re-appointment of Andreas Wolf as joint managing director of the company for a further period of three years with effect from 1 March, 2019. All these appointments will be subject to shareholders’ approval, the company added. Shares of the company were trading 3.63 percent lower at Rs 17,934.95 apiece against their previous close on BSE.