Mumbai, May 20 (IANS): Diversified technology solutions company Bosch India on Thursday reported a decline of 26 per cent in its net profit for FY20-21 on a year-on-year basis.

The company's annual net profit for FY20-21 stood at Rs 482.5 crore as against Rs 649.8 crore reported for the corresponding previous year.

The company had made a provision of Rs 743.8 crore towards various restructuring, reskilling and redeployment initiatives during FY21.

On a quarterly basis, the net profit after tax (PAT) increased to Rs 482 crore from Rs 81.1 crore in Jan-March 2020.

Besides, a dividend of Rs 115 per equity share of Rs 10 each, for the financial year ended March 31, 2021, has been recommended.

"Despite facing a spell of near-zero sales in the month of April and May in 2020, there has been a significant increase in the demand from the agriculture sector, mainly the tractor business. Industry showed continued signs of recovery since the second quarter of FY 2020-21, however, it remains impacted due the uncertainties in the market," Bosch Managing Director and Bosch India President Soumitra Bhattacharya said.

"International market volatilities in the supply chain will also continue to impact the auto sector. Furthermore, we have seen growth in the 'Power Tools' segment, especially in the construction and e-commerce sectors," he added.