Bengaluru, India – Bosch Limited, a leading supplier of technology and services, posted total revenue from operations of INR 3,662 crores (447 million euros) in Quarter 2 of FY 2022–23, an increase of 25.5 percent over a low base in same quarter of previous year, which was impacted by COVID-19 pandemic. This has further increased compared to the all-time high revenue achieved in the previous quarter with INR 3,544 crores (432 million euros), influenced by the easing of chip shortage, aiding the broad-based growth in auto supply.
Profit before tax stood at INR 487 crores (59 million euros) that constitutes to 13.3 percent of total revenue from operations that is a 22.5 percent increase over the same quarter of previous year.
“The surge in demand on the back of the continued recovery of the automotive market has contributed to a strong performance this quarter. We have witnessed robust topline growth, posting consistent profits over a low base in the same quarter of the previous year. Although supplies in semiconductor have eased out relatively, the supply chain ecosystem itself continues to remain fragile. Despite these uncertainties including rising input costs, we expect to build on the strong performance of this quarter,” said Soumitra Bhattacharya, Managing Director, Bosch Limited and President of the Bosch Group in India.
Snapshot of performance in Quarter 2
The automotive market in Quarter 2 witnessed a strong Y-o-Y growth on a Covid impacted low base. The Powertrain Solutions business which constitutes more than 60% of the total net sales showed a robust growth outperforming the overall automotive market growth. This has resulted in an increase of 31.1% in the product sales of automotive segment. With the easing of the chip shortage the sales in the 2-Wheeler segment also saw a growth of 21%. The Beyond Mobility businesses recorded an increase of 7.5% in net sales mainly due to growth in the security solutions and a sustained growth in the consumer goods division, supported by the festive season demands.
As Bosch India celebrates 100 years, we also celebrated 50 years of Make in India, underlining our commitment towards precision manufacturing at the Nashik Plant. Commemorating this milestone, a new Common Rail Injector (CRIN) line for commercial vehicles was inaugurated, to cater to the Indian customers. Bosch Limited also launched the pilot Hydrogen Engine Testing infrastructure with temporary storage setup in Bangalore, which is the first of its kind facility in Bosch.
“We are happy to inaugurate our inhouse developed CRIN line in Nashik to cater to the Indian commercial vehicle market, in line with Government of India’s vision of Atmanirbhar Bharat. Addressing the changing regulatory emission norms, this line will further increase our share of local production,” said Soumitra Bhattacharya, Managing Director, Bosch Limited and President of the Bosch Group in India.
He added, “Bosch is also gearing up to become a system solution provider for newage technologies in the mobility space. We have set up a state-of-the-art Hydrogen Engine Test Infrastructure at our Adugodi campus in Bengaluru. Through this, we look forward to developing and advancing our capabilities in the hydrogen engine and fuel cell technologies and propel the alternative fuel revolution in India.”