Bosch Ltd Q2 Results FY2024, Net profit at Rs.9,989 Million
On 9th November 2023, Bosch Ltd announced its quarterly results.
- Revenue from Operations was at Rs.41,301 million for Q2FY24 from Rs. 36,616 million in Q2FY23, up by 12.8% YoY. The increase in revenue was led by the growth in the automotive sector driven by strong demand in core segments such as heavy commercial vehicles and passenger cars.
- Profit before tax was reported at Rs. 13,170 million
- Net Profit was reported at Rs.9,989 million
- The Powertrain Solutions division, which accounts for more than 63% of total net sales, increased by 12.3% over the same quarter of the previous fiscal year, outpacing the overall automotive market growth due to an increase in content per vehicle primarily Exhaust Gas Treatment (EGT) components. This has resulted in an 11.7% increase in automobile category product sales.
- The two-wheeler industry grew by 18.6% compared to the same quarter last year, owing to an increase in semiconductor supply compared to the same quarter last year.
- Beyond Mobility's net sales increased 9.9% over the same quarter the previous fiscal year, owing to strong development in the consumer products division.
Commenting on the results, Guruprasad Mudlapur, Managing Director, Bosch Limited and President, Bosch Group, India said: “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. 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 center-stage and emerge as the ultimate system solution provider for new-age technologies in the mobility space."
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