Bengaluru, May 19
A decrease in earnings from its auto products and consumer goods business dragged Bosch Ltd’s net profit by 27.26 per cent to ₹350.60 crore for the fourth quarter of 2021-22.
The company which is celebrating its 100th year in India, posted a total income of ₹3,403.60 crore, a 2.06 per cent increase compared with the same period previous year.
Bosch, which is one of the leading suppliers of technology and services in the areas of mobility solutions, industrial technology and consumer goods, saw its earnings from automobile products decrease 37.8 per cent to ₹320.90 crore while earnings from consumer goods dropped 16.79 per cent to ₹53 crore.
“While PLI and scrappage policies have provided an impetus for the auto sector’s growth, the constant changes in regulations have caused challenges for the industry in working towards achieving the set targets. It is imperative for the Government of India and the mobility ecosystem to align their vision and insights, and take steps in the direction of streamlining the auto industry’s future.” Soumitra Bhattacharya, Managing Director, Bosch Ltd and President, Bosch Group, India, said.
Total product revenue of Bosch Ltd’s Mobility Solutions business sector decreased by a marginal 0.8 per cent in the quarter ended March 31, 2022. The total product revenue of business beyond the Mobility Solutions sector increased by 30.5 per cent, with the Consumer Goods business increasing by 28.4 per cent. This is mainly on account of increased e-commerce sales, demand for entry-level tools, and network expansion.
“Bosch Ltd is investing in hydrogen-based technologies – both for mobility and stationary applications. We are in discussion with customers and partners in India to bring advanced hydrogen-based powertrain and fuel-cell technologies” he added.