Bosch Limited’s revenue from operations in the first quarter of FY23 grew by 45.1 per cent to ₹3,544 crore from ₹2,443 crore in the same quarter the previous year.

The tech company’s net profit increased by 28.9 per cent to ₹334 crore, compared to ₹259 crore in June 2021. The earnings per share (EPS) for this quarter increased to ₹113.30 from ₹88.30 in June 2021.

“The strong momentum exiting FY2021-22 was sustained and further improved over the past quarter due to recovery in the overall automotive market. This has bolstered our confidence that we will surpass the peaks of FY2018-19,” said Soumitra Bhattacharya, Managing Director of Bosch Limited and President of the Bosch Group in India.

Revenues are at an all-time high 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, a company release said.

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“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 FY2022-23. Our focus is to maintain steady margins through strategic cost recovery across our supply chains,” Bhattacharya added.

In India, Bosch is a supplier of technology and services in the area of mobility solutions, industrial technology, consumer goods, and energy and building technology. The Bosch Group operates in India through twelve companies.