Bosch Limited registers 12.8 percent profit before tax in Q1 FY 2023-24

Bengaluru, India – Bosch Limited, a leading supplier of technology and services, today posted its total revenue from operations of INR 4,158 crores (466 million euros) in Quarter 1 of FY 2023–24, an increase of 17.3 percent over the same quarter last year. The revenue from operations in quarter 1 has been higher compared to the previous quarter, mainly due to increased sales of Exhaust Gas Treatment (EGT) components in passenger cars and commercial vehicle segment, outperforming the market.

The Profit Before Tax (PBT) stood at INR 533 crores (60 million euros) which is 12.8 percent of total revenue from operations, an increase of 21.7 percent increase over the same quarter of previous year. The Profit After Tax (PAT) stood at INR 409 crores (46 million euros) which is 9.8 percent of revenue from operations.

“We are optimistic about the future as we navigate a rapidly changing global market with positive trends in the Indian automotive industry which is witnessing a shift towards premium vehicles and cleaner fuel options and electrification. Hence, embracing change is crucial and we are ready to leverage technological advances to cater to the evolving consumer preferences,” said Guruprasad Mudlapur, Managing Director, Bosch Limited and President of Bosch Group in India. “With India emerging as a promising market and our focus on green hydrogen and innovative automotive offerings, Bosch is well-positioned for growth and success in the year ahead.”

Rising income levels and an increased focus on value-driven factors are driving growth in the categories of scooters, premium motorcycles, and SUVs.

Snapshot of performance in Quarter 1
The Powertrain Solutions business registered a growth of 12.5% over same quarter of previous financial year outperforming the overall automotive market growth. This has resulted in an increase of 13.6% in the product sales of the automotive segment.

While there are still supply bottlenecks, the global semiconductor supply situation has eased in the recent months. The weakening of demand due to global economic crisis has helped better distribution of semiconductor supplies across the world. As a result, the two-wheeler business has experienced a remarkable sales recovery, with a substantial growth of 42.8 percent compared to the same quarter last year.

The Beyond Mobility business, driven by continued growth in consumer products and significant government investments in infrastructure, recorded a 21.5% increase in net sales over same quarter of previous financial year.

Bosch Limited: outlook for fiscal year 2023-24 under the new leadership
Speaking about the outlook for the upcoming fiscal year, Mudlapur commented, “Bosch is poised to embrace the transformative changes ahead of us. Cleaner fuels, green hydrogen and electrification take center stage in our commitment to a climate-neutral future. Bosch India will showcase the BS6 stage 2 hydrogen engine truck, by early 2024. This is also exemplified by the successful launch of our first hydrogen-powered demonstrator vehicle in India in June 2023 which comes after the announcement about the launch of the pilot Hydrogen Engine Testing infrastructure in Bengaluru later last year.”

As the global market shows signs of recovery, Bosch approaches it with cautious optimism amidst interest rate fluctuations and affordability concerns. Navigating the ever-evolving automotive industry's transformation, the company stands ready to seize opportunities, particularly in India's thriving infrastructure sector. Over the next decade, India presents immense growth potential in the areas of innovation, technology, quality, and manufacturing depth. Bosch is committed to investing in cutting-edge R&D to develop groundbreaking solutions that drive the company towards a greener and more sustainable future.

“At Bosch India, we are fostering a culture of inclusivity, collaboration and continuous learning for our associates’ success. By investing in our people, we aim to enhance their capabilities and maintain our position at the forefront of the industry. Exciting times lie ahead as we navigate the evolving landscape of the India market,” Mudlapur added.