 "Bosch")
Bosch Ltd, the Indian unit of German automotive supplier Robert Bosch GmbH, reported a 41.8 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 564.4 crore for the quarter that ended on March 31, 2024 (Q4FY24), driven by demand for passenger cars and the consumer goods product segment. The company reported Rs 398.1 crore during the same period last year.
Sequentially, net profit grew by 9 per cent from Rs 518.2 crore in the last quarter.
The company's revenue from operations grew 4.2 per cent Y-o-Y in the fourth quarter to Rs 4,233.4 crore, from Rs 4,063.4 crore in Q4FY23. Sequentially, revenue rose marginally by 0.67 per cent, from Rs 4,205.2 crore in Q3.
The total product revenue for Bosch Limited’s Mobility and Beyond Mobility business sectors increased by 2.7 per cent and 14.0 per cent respectively on a quarter-on-quarter basis. The Beyond Mobility sector's growth was particularly strong, driven by continued expansion in the consumer goods segment, the company said in an exchange filing.
In the Mobility business sector, Bosch reported an 11.1 per cent increase in product sales over the previous financial year, with a significant 4.8 per cent growth in the overall automotive sector. Domestic sales for Bosch Limited also saw a robust increase of 13.2 per cent.
Within the Mobility sector, the Power Solutions division experienced a 10.9 per cent rise in sales, largely due to changes in emission norms. Additionally, the Mobility Aftermarket division saw a 10.2 per cent increase in sales, responding to heightened market demand. The Beyond Mobility sector posted a 17.7 per cent increase in sales, driven by growth in the power tools and building technology segments.
For the entire financial year, Bosch's net profit witnessed a nearly 75 per cent Y-o-Y jump to Rs 2,491.3 crore, from Rs 1,425.5 crore. Revenue also grew by 12 per cent to Rs 16,727.1 crore at the end of FY24, compared to Rs 14,929.3 crore in the last financial year.
Commenting on the company's performance in FY24, Guruprasad Mudlapur, president of the Bosch Group in India and managing director, Bosch Limited said, “We concluded FY23-24 with a strong performance and considerable revenue growth, despite multiple headwinds that plagued the industry. The resilient uptick was fuelled by increased demand for passenger cars and the consumer goods product segment. We fostered growth in a number of business areas, across mobility and beyond.”
"Our sustained focus on emerging technologies makes us optimistic about the future. At Bosch, we are prepared to navigate the challenges of the market and accelerate our efforts in R&D, innovation, and sustainability to shape a connected and eco-friendly automotive landscape in India," Mudlapur added.
The board recommended a final dividend of Rs 170 per equity share of Rs 10 each, subject to approval by shareholders. The total dividend payout for the financial year 2023-24 (including an interim dividend of Rs 205 paid in March 2024) is Rs 375 per equity share (previous year Rs 480 per equity share).
The said final dividend, if declared by the shareholders at the ensuing annual general meeting (AGM), will be paid/dispatched on or after August 13, 2024.
