Bosch jumped 5.16% to Rs 26,600.80 after the technology supplier reported 62.43% jump in consolidated net profit to Rs 518 crore on 14.89% increase in revenue from operations to Rs 4,205.2 crore in Q3 FY24 over Q3 FY23.
The growth in revenue from operations was driven by surging demand in the overall automotive market, mainly in passenger cars and heavy commercial vehicle (HCV) segment.Profit before tax grew by 57.96% year on year to Rs 670.70 crore in the quarter ended 31 December 2023.
The Powertrain Solutions business, which constitutes more than 73% of the overall automotive product sales, showed a growth of 20.4% over same quarter of previous financial year, higher than the overall automotive market growth driven majorly by passenger car segment due to increase in content per vehicle.
The two-wheeler business grew by 7.1% compared to the same quarter last year on account of easing semiconductor supply bottlenecks and additional volume demands due to new product launches by OEMs in the current quarter.
The Beyond Mobility business recorded a 32.5% increase in net sales over the same quarter of the previous financial year, driven by continued growth in the consumer goods product segment.
Guruprasad Mudlapur, president of the Bosch Group, India, and managing director, Bosch, said, Increased demand for vehicles has resulted in robust growth for Bosch Limited this quarter. With a sustained focus on localization in the mobility space and beyond, we are optimistic of the future and committed to delivering technologies and solutions that elevate the customer experience.
Speaking about the outlook for the upcoming fiscal year, Mudlapur commented, We strongly believe that the mobility sector will be integral to Indias development. Our focus on evolving technologies in the mobility sector has put Bosch in a very good position in India. We anticipate an exciting future with a strategic emphasis on clean mobility, alternate powertrains and connected mobility solutions. Boschs commitment to technology and innovation places us at the forefront of shaping a connected and eco-friendly automotive landscape in India.
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Meanwhile, the company's board has declared interim dividend of Rs 20.5 per equity share for the financial year 2023-24. The record date is fixed as on 23 February 2024.The dividend will be paid on or after 6 March 2024.
Further, the board also approved investment in AMP Energy C&l Eight of an amount not exceeding Rs 4.37 crore by way of purchase and subscribing to equity share capital, in one or more tranches, constituting 10.87% of equity share capital corresponding to the contracted capacity in the 27.5 MWdc group captive solar power plant in the state of Karnataka.
Lastly, the board has approved an investment in SPV of CSE Development (India) of an amount not exceeding Rs 0.51 crore in the special purpose vehicle (SPV) to set up for the purpose of setting up a 6.25 MWdc group captive solar power plant in the state of Tamil Nadu by way of purchase and subscribing to equity shares or compulsorily convertible debentures or compulsorily convertible preference Shares, in one or more tranches, constituting up to 5.2% of its paid up share capital corresponding to contracted capacity in the SPV.
In India, Bosch is a leading supplier of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology.
The scrip hit an 52-week high at Rs 27,265 in todays intraday session.
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