Bosch Limited reported strong financial results for Quarter 2 of FY 2023-24. Total revenue from operations increased by 12.8% to INR 4,130 crore (470 million euros) compared to the same quarter last year. Profit Before Tax (excluding exceptional items) stood at INR 532 crore (61 million euros), an increase of 9.2% over the same quarter of previous year.
The strong results were driven by growth in the automotive sector, particularly in heavy commercial vehicles and passenger cars. The company also benefited from the easing of semiconductor supplies, which led to higher sales in the two-wheeler business.
“In today’s rapidly changing market conditions, Bosch in India remains adaptable and thus well poised to maintain a robust growth and a healthy EBIT in the upcoming quarter as well,” said Guruprasad Mudlapur, Managing Director, Bosch Limited and President, Bosch Group, India.
Looking ahead, Bosch is optimistic about the future of the mobility sector in India. The company is committed to investing in new technologies such as electrification, cleaner fuel options, green hydrogen, and safer vehicles.
“Over the next decade, the mobility sector in India will transform fundamentally. India is already the third largest auto market worldwide and we are optimistic about a promising future where we move towards electrification, cleaner fuel options, green hydrogen, and safer vehicles. Demonstrating our agility to embrace the change, Bosch is committed to take centre-stage and emerge as the ultimate system solution provider for new-age technologies in the mobility space,” added Mudlapur.