Bosch Limited, a prominent technology and services provider, has announced a significant increase in its revenue for the second quarter of the fiscal year 2023-24. The company’s total revenue from operations reached INR 4,130 crores (470 million euros), marking a 12.8% rise compared to the same period last year. This growth is attributed primarily to the automotive sector’s robust demand, particularly in heavy commercial vehicles and passenger cars.
Bosch Limited’s Profit Before Tax (PBT), excluding exceptional items, stood at INR 532 crores (61 million euros), constituting 12.9% of the total revenue, a 9.2% increase from the previous year’s quarter. Including exceptional items, the PBT soared to INR 1,317 crores (150 million euros), a substantial 170.4% jump, accounting for 31.9% of the total revenue. These exceptional items relate to the recent sale of Bosch’s Mobility Solutions business, part of a strategic reorganization to enhance global operations through an e-commerce platform. The Profit After Tax (PAT), including these items, was INR 999 crores (114 million euros), 24.2% of the revenue.
Guruprasad Mudlapur, President of the Bosch Group in India and Managing Director of Bosch Limited, expressed confidence in the company’s adaptability and prospects for continued robust growth and healthy EBIT in the forthcoming quarter. In a detailed breakdown, the Powertrain Solutions business, accounting for over 63% of total net sales, witnessed a 12.3% increase from the previous year, outpacing the overall automotive market growth. This surge was driven by a rise in vehicle component content, especially Exhaust Gas Treatment (EGT) components. The two-wheeler segment also saw an 18.6% growth due to improved semiconductor supplies.
The Beyond Mobility business segment reported a 9.9% increase in net sales, fueled by the consumer products segment’s ongoing growth. Guruprasad Mudlapur further highlighted the transformative journey ahead for India’s mobility sector, foreseeing significant developments towards electrification, cleaner fuels, and safer vehicles. Bosch aims to be at the forefront of this transformation, positioning itself as a leading system solutions provider for emerging technologies in the mobility domain.