New Delhi, Nov 10 – Auto parts major Bosch Limited announced a remarkable more-than-two-fold increase in its net profit, reaching Rs 998.9 crore for the July-September quarter of the current financial year 2023-24. This significant surge is compared to the Rs 372.4 crore profit posted in the corresponding quarter of the previous financial year.
In a media statement, the company highlighted that the Profit Before Tax (after exceptional items) stood at Rs 1,317 crores (150 million euros), constituting 31.9% of the total revenue from operations. This marked an impressive increase of 170.4% over the same quarter of the previous year. The exceptional items mentioned are related to the gain on the sale of the company’s Mobility Solutions business in the current quarter.
Bosch’s revenue from operations in Q2 of FY24 reached Rs 4,130.1 crore, reflecting a growth from Rs 3,661.6 crore in the same period a year ago. The company attributed the increase in revenue to growth in the automotive sector, driven by strong demand in core segments such as heavy commercial vehicles and passenger cars.
The powertrain solutions business, constituting over 63% of the total net sales, experienced a growth of 12.3% over the same quarter of the previous financial year. This growth surpassed the overall automotive market, mainly due to an increase in content per vehicle, particularly in Exhaust Gas Treatment (EGT) components. As a result, product sales in the automotive segment increased by 11.7%.
The two-wheeler business of the company also recorded higher growth of 18.6% compared to the same quarter last year, attributed to the easing of semiconductor supplies.
Guruprasad Mudlapur, Managing Director of Bosch Ltd and President of Bosch Group, India, expressed optimism about the future of the mobility sector in India, emphasizing the company’s commitment to embracing change and emerging as the ultimate system solution provider for new-age technologies in the mobility space.
