Bosch, a supplier of technology and services to automotive and other sectors, posted a net profit of Rs 409 crore during Q1 FY24 as against Rs 334 crore during the corresponding period of the previous year, on the back of increased sales of exhaust gas temperature (EGT) components in passenger cars and commercial vehicle segments.
The company's revenues from operations stood at Rs 4158 crore in Q1FY24, translating into an increase of 17.3% over Q1FY23.
Guruprasad Mudlapur, Managing Director, Bosch Limited, and President of the Bosch Group in India, said, "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, cleaner fuel options, and electrification. Hence, embracing change is crucial, and we are ready to leverage technological advances to cater to evolving consumer preferences. 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.”
The company said in a statement that the powertrain solutions business registered a growth of 12.5% over the same quarter of the 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 recent months. The weakening of demand due to the global economic crisis has helped improve the distribution of semiconductor supplies across the world. As a result, the two-wheeler business has experienced a remarkable sales recovery, with 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 the same quarter of the previous financial year, the company added.
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 centre 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.”
Bosch's top leadership added that as the global market shows signs of recovery, the company approaches it with cautious optimism amidst interest rate fluctuations and affordability concerns. "Exciting times lie ahead as we navigate the evolving landscape of the India market,” Mudlapur added.