Bosch, a leading supplier of technology and services has announced its financial results for Q3 FY2024.
The company reported revenue from operations of Rs 4,205 crore (470 million euros), up 14.9 percent YoY; net profit of Rs 518 crore, up 62.5 percent YoY. The company says the growth was driven by surging demand in the overall automotive market, mainly in passenger cars and heavy commercial vehicle (HCV) segment.
Guruprasad Mudlapur, President, Bosch Group, India and MD, Bosch said: “Increased demand for vehicles has resulted in robust growth for Bosch this quarter. With a sustained focus on localisation in the mobility space and beyond, we are optimistic of the future and committed to delivering technologies and solutions that elevate the customer experience.”
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.
Bosch’s 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.
