Bosch gained 2.52% to Rs 31,578.35 after the technology supplier reported 41.48% jump in consolidated net profit to Rs 564.40 crore on 4.18% rise in revenue from operations to Rs 4,233.4 crore in Q4 FY24 over Q4 FY23.
Profit before tax grew by 23.93% year on year to Rs 660.60 crore in the quarter ended 31 March 2024.The companys segment revenue from automotive products stood at Rs 3,511.4 crore in Q4 FY24 (up 2.77% YoY) and revenue from consumer goods was at Rs 523.70 crore, (up 10.09% YoY).
During the quarter, total product revenue of Bosch mobility business sector and beyond mobility business sector increased by 2.7% and 14.0% respectively on a QoQ basis. The growth in the latter sector can be attributed to the continued growth in the consumer goods product segment.
On full year basis, the companys consolidated net profit soared 74.83% to Rs 2490.2 crore on 12.04% increased in revenue from operations to Rs 16,727 crore in Q4 FY24 over Q4 FY23.
On the outlook front, the company said that in FY 2024-25, the underlying economic conditions and increased sales in key segments are likely to keep the India growth narrative unchanged.
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Our sustained focus on emerging technologies makes us optimistic of 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, adds Guruprasad Mudlapur .
Guruprasad Mudlapur, president of the Bosch Group, India, and managing director, Bosch, said, We concluded FY23-24 with a strong performance and considerable revenue growth, despite multiple headwinds that plagued the industry. The resilient uptick was fueled by increased demand for passenger cars and consumer goods product segment. We fostered growth in a number of business areas, across mobility and beyond.
Meanwhile, the company's board has declared final dividend of Rs 170 per equity share for the financial year 2023-24.
Further, the board has approved the sale of the company's OE/OES diagnosis business from mobility aftermarket to ETAS Automotive India, a wholly owned subsidiary of Robert Bosch Investment Nederland B.V. (RBNI) and is a fellow subsidiary of the company for a cash consideration not less than 45.6 crore along with a purchase price adjustment applicable up to the closing date 30 June, 2024.
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 all time high at Rs 32,214 in todays intraday session.
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