Bosch reports 26.3% growth in net profit to ₹235 cr in Q3
Bosch Limited, the supplier of technology and services, said it would invest a total of ₹2,000 crore in India, in the next five years, in addition to ₹8,000 crore it already pumped in the country over the past decade.
The company would invest ₹1,000 crore towards the localisation of advanced automotive technologies while an equal amount of investment would be made in building digital platforms like Mobility Marketplace and Mobility Cloud Platform, it said on February 9.
“We will continue our contribution by investing over ₹1,000 crore for the localisation of advanced automotive technologies in the next five years. We will also invest an additional ₹1,000 crore towards expanding digital platforms,” said Soumitra Bhattacharya, managing director, Bosch Limited and president, Bosch Group in India.
26.3% YoY increase in net profit in Q3
Bosch has posted third quarter net profit of ₹235 crore, a 26.3 year-on-year increase over ₹186 crore it reported in the corresponding quarter a year ago.
In December 2021 ended quarter, the company’s total revenue from operations stood at ₹3,109 crore, a YoY increase of 2.6%.The increase was largely attributed to growth in the aftermarket business, although the overall automotive market production in India (excluding 2W) declined by 12%, said the company.
In Q3, Bosch’s product sales increased by 3.6%, with the aftermarket division witnessing an increase of 29% due to high demand for diesel products. Its Mobility Solutions business grew 11%.
Bosch predicts that by 2030, every third new vehicle in India will be an EV. The company is currently in the process of evaluating multiple opportunities arising from electrification developments.
“The Government’s plans to promote electrification in pursuit of incurring required Capex in this domain will spur a robust ecosystem for electric vehicles in India,” Mr. Bhattacharya stated.
This year, Bosch is celebrating its 100th anniversary in India. The company opened its first local sales agency in Kolkata in 1922. It currently has 18 manufacturing sites, and seven development and application centers across the country and employs31,500 people in the country.