Bosch reports Rs 518 crore net profit in Q3FY24 on robust demand
Bengaluru-based Bosch Ltd., a major supplier to the automotive industry, reported a healthy demand across the segments with Rs 518 crore in net profit during the period ending December 2023, translating to 62.5% YoY jump over a similar period the previous year. The company's revenue during the same period went up by 14.9% YoY to Rs 4205 crore during the comparable period.
In an investor presentation, engineering and technology major Bosch stated that Q3 FY24 witnessed healthy demand across the segments, as overall volumes (except 2W) grew by +4% YoY. The 2W segment stood out with an impressive growth of more than 19% on a year-on-year basis, while tractors saw a decline of 13% YoY. Sequentially, quarterly volumes dipped across segments due to increased production in Q2FY24 for festive season demand, after which demand saw seasonal softness.
Bosch's mobility business has grown by 16.8% in Q3 FY 2023–24 versus Q3 FY 2022–23, primarily on account of increased market demand for passenger cars and HCV, where Bosch’s content per vehicle is higher.
The company further added that it has assembled and set up its first Fuel Cell Power Module (FCPM) for demonstration at its Research and development facility in Bangalore. The demonstrator will enable the company to capture system requirements for India, conduct functional tests, and help develop local competency in fuel cells.
RELATED ARTICLES
Entry into EV next big chapter for Royal Enfield, says Siddhartha Lal
"For us it is not just another launch, this is really monumental in the way we look at Royal Enfield…The scale of how we...
Hero MotoCorp to start UK, Europe operations in 2025 with Vida Z
The new Vida Z will be followed by high-capacity premium internal combustion engine motorcycles.
JK Tyre to hike prices in Q3 amid input cost pressure
The price hike during the December quarter is likely to be 1-2% and the management does not expect the hikes to impact t...