Bosch posted total revenue from operations at Rs 3,544 crore for Q1FY2023, up 45.1 percent YoY from Rs 2,443 crore in Q1FY2022. This all-time high is due to the low base last year and the easing of supply-chain bottlenecks, especially toward the end of the quarter, in conjunction with a positive production in the tractor segment.
Q1 profit after tax came in at Rs 334 crore versus Rs 259 crore in Q1FY2022 and contributed about 9.4 percent of revenue from operations.
Soumitra Bhattacharya, MD of Bosch and President of the Bosch Group in India, “With a steady order book and easing supply chain issues, we expect to maintain robust growth across revenue and free cash flows for the remainder of FY2023. Our focus is to maintain steady margins through strategic cost recovery across our supply chains.”
Automotive business outlook
The automotive market saw a strong year-on-year growth in Q1 on a Covid-impacted low base. Owing to OEMs’ long waiting periods and strong order books, Bosch managed sustained demand in segments like passenger cars and utility vehicles, along with further improvements in two-wheelers and tractors. This has resulted in an increase of 47.4 percent in the powertrain solutions division.
The automotive aftermarket division also surpassed its peak with an increase of 61.3 percent due to a low base in Q1 FY 2022. The Beyond Mobility businesses recorded an increase of 53.6 percent, mainly due to growth in the Consumer Goods division by 48.6 percent.
Bosch India inaugurated its AIoT-enabled smart campus, building on the milestone of completing 100-years of the journey in India. The 76-acre smart campus will house up to 10,000 associates. “Looking back on our 100-year legacy in India, the Spark.NXT campus both complements Bosch India’s R&D capabilities and is evidence of our renewed commitment to build a sustainable and self-reliant India,” Bhattacharya added.