The surge in demand on the back of the continued recovery of the automotive market has contributed to a strong performance this quarter, the company has said.
Bosch Limited, a well-known industry supplier of technology and services, posted a total revenue from operations of Rs 3,662 crore in Q2FY23, representing an increase of 25.5 percent over a low base in the same quarter of the previous year, which was impacted by the COVID-19 pandemic. During the corresponding period last year, the company had posted a loss of Rs 372 crore.
Meanwhile, the consolidated revenue from operations grew 25.5 percent during the period under review to Rs 3,661.6 crore as against Rs 2,918 crore in the same period a year ago.
According to Soumitra Bhattacharya, Managing Director, Bosch and President of the Bosch Group in India, 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 a robust top line growth, posting consistent profits over a low base in the same quarter of the previous year. Although supplies in semiconductors 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,” Bhattacharya said.
The company's powertrain solutions business which constitutes more than 60 percent of the total net sales showed a robust growth outperforming the overall automotive market growth. This has resulted in an increase of 31.1 percent in the product sales of the automotive segment.
The Beyond Mobility businesses of the company recorded an increase of 7.5 percent 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. Bosch 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 (solenoid valve injectors) 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,” added Bhattacharya.
He added, “Bosch is also gearing up to become a system solution provider for new age 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.”
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