Bengaluru, India – Bosch Limited, a leading supplier of technology and services, today posted its total revenue from operations of INR 4,205 crores (470 million euros) in Quarter 3 of FY 2023–24, an increase of 14.9% over the same quarter of last year. This growth is driven by surging demand in the overall automotive market, mainly in passenger cars and heavy commercial vehicle (HCV) segment.
The Profit Before Tax (excluding exceptional items) stood at INR 612 crores (68 million euros) which is 14.6% of the total revenue from operations, an increase of 44.1% over the same quarter of previous year. The Profit After Tax (PAT) stood at INR 518 crores (58 million euros) which is 12.3% of revenue from operations.
“Increased demand for vehicles has resulted in robust growth for Bosch Limited this quarter. With a sustained focus on localization in the mobility space and beyond, we are optimistic of the future and committed to delivering technologies and solutions that elevate the customer experience.” said Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director, Bosch Limited.
Snapshot of performance in Quarter 3
Overall product sales of the automotive segment have increased by 16.8% compared to the same quarter of the previous year. The Powertrain Solutions business, which constitutes more than 73% of the overall automotive product sales, showed a growth of 20.4% over same quarter of previous financial year, higher than the overall automotive market growth driven majorly by passenger car segment due to increase in content per vehicle.
The two-wheeler business grew by 7.1% compared to the same quarter last year on account of easing semiconductor supply bottlenecks and additional volume demands due to new product launches by OEMs in the current quarter.
The Beyond Mobility business recorded a 32.5% increase in net sales over the same quarter of the previous financial year, driven by continued growth in the consumer goods product segment.
“We strongly believe that the mobility sector will be integral to India’s development. Our focus on evolving technologies in the mobility sector has put Bosch Limited in a very good position in India. We anticipate an exciting future with a strategic emphasis on clean mobility, alternate powertrains and connected mobility solutions. Bosch’s commitment to technology and innovation places us at the forefront of shaping a connected and eco-friendly automotive landscape in India,” adds Mudlapur.
Interim Dividend
The Board of directors in their meeting held on February 13, 2024 have declared a special payout in the form of an Interim Dividend of INR 205 per equity share of INR 10 each.
