Bosch Q1 FY23 revenue up 45.1% to INR 3,544 crore, Auto News, ET Auto

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Bosch Q1 FY23 revenue up 45.1% to INR 3,544 crore

New Delhi: Auto components major Bosch recently reported posted a total revenue from operations of INR 3,544 crores (419.4 million euros) for Q1 FY23. This was an increase of 45.1% over the same quarter of the previous year. This all-time high is 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 filing said.

Profit before tax stood at INR 438 crores (EUR 51.8 million which constitutes 12.3% of total revenue from operations; that is a 30.5% increase over the same quarter of the previous year. Profit after tax stood at INR 334 crores (EUR 39.5 million) which is 9.4% of revenue from operations.

“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 FY19,” Soumitra Bhattacharya, Managing Director of Bosch Limited, and President of the Bosch Group in India, 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 FY2022-23. Our focus is to maintain steady margins through strategic cost recovery across our supply chains,” he added.

According to the regulatory filing, the automotive market in Q1 FY23 witnessed strong year-on-year growth on a Covid-impacted low base. Owing to OEMs’ long waiting periods and strong order books we have a sustained demand in segments like Passenger Cars and Utility Vehicle, along with further improvements in two-wheelers and tractors. This has resulted in an increase of 47.4% in the Powertrain Solutions division.

Meanwhile, the automotive aftermarket division also surpassed its peak with an increase of 61.3% due to a low base in Q1 FY 2021-22.

Furthermore, the Beyond Mobility businesses recorded an increase of 53.6% mainly due to growth in the Consumer Goods division by 48.6%

Bosch India has also inaugurated its AIoT-enabled smart campus, building on the milestone of completing 100 years of the journey in India.

“This smart, AIoT-enabled campus will house up to 10,000 associates. They will accompany us on our journey as we develop future-ready products and solutions for the automotive and non-automotive sectors. Looking back on our 100-year legacy in India, the Spark.NXT campus both complements Bosch India’s R&D capabilities and is evidence of our renewed commitment to building a sustainable and self-reliant India,” Bhattacharya said.

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“The growth momentum is backed by our diversified portfolio and steady business wins, which enabled registering record revenues. Our focused approach on cost control and countermeasures resulted in resilient margins despite the continuing input cost pressure,” said Harsha Kadam, Managing Director, Schaeffler India.

K Mahendra Kumar, the present Chief Financial Officer of the company, has resigned and he will be relieved from the services of the company on September 8, 2022. Meyyappan will take charge on the next day.

It has also reported 6% growth on sequential basis over INR 80.5 crore during Q4FY22 led by growth in electric powertrain, architecture and middleware domains.