Bosch Limited saw its net profits for the first quarter grow by 22.6 per cent to ₹409.8 crore from ₹334.1 crore during the same quarter the previous year.

The technology and services company’s revenue from operations rose 17.3 per cent to ₹4,158.4 crore during the period under review, compared to ₹3,544.4 crore during Q1 FY23.

According to the company, this quarter’s revenue from operations in Q1 has been higher compared to the previous quarter, mainly due to increased sales of Exhaust Gas Temperature (EGT) components in passenger cars and commercial vehicles, outperforming the market.

Its Profit Before Tax (PBT) stood at ₹533 crore, which is 12.8 per cent of total revenue from operations, an increase of 21.7 per cent over the same quarter of the previous year.

EBITDA grew by 4.1 per cent during the quarter ending June 2023 and reached ₹467.9 crore, and the EBITDA margin stood at 11.3 per cent during Q1 FY24.

“We are optimistic about the future as we navigate a rapidly changing global market with positive trends in the Indian automotive industry, which is witnessing a shift towards premium vehicles, cleaner fuel options, and electrification. Hence, embracing change is crucial, and we are ready to leverage technological advances to cater to evolving consumer preferences,” said Guruprasad Mudlapur, Managing Director, Bosch Limited, and President of Bosch Group in India.

Rising income levels and an increased focus on value-driven factors are driving growth in the categories of scooters, premium motorcycles, and SUVs.

Speaking about the outlook for the upcoming fiscal year, Mudlapur said, “Bosch is poised to embrace the transformative changes ahead of us. Bosch India will showcase the BS6 stage 2 hydrogen engine truck, by early 2024. This is also exemplified by the successful launch of our first hydrogen-powered demonstrator vehicle in India in June 2023, which comes after the announcement about the launch of the pilot Hydrogen Engine Testing infrastructure in Bengaluru later last year.”

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