Bosch Limited, a supplier of technology and services, posted total revenue from operations of INR 3,544 crore in Q1FY23, registering a growth of 45.1% over the same quarter of the previous year.
The reasons cited by the company behind its performance are the easing of supply-chain bottlenecks, especially toward the end of the quarter, in conjunction with a positive production in the tractor segment. Its profit before tax stood at INR 438 crore, which constitutes 12.3% of total revenue from operations, a 30.5% increase over the same quarter of the previous year. The company's profit after tax stood at INR 334 crore, which is 9.4% of revenue from operations.
A recovery in the overall automotive market led to the company's strong performance, noted Soumitra Bhattacharya, Managing Director, Bosch Limited and President, Bosch Group in India. He said, “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 FY23. Our focus is to maintain steady margins through strategic cost recovery across our supply chains.'
Bosch's Powertrain Solutions division reported an increase of 47.4% in its business this quarter. Similarly, the company's Automotive Aftermarket division also surpassed its peak this quarter.