Bosch India aims double-digit growth this fiscal year
Bosch India is expecting demand to sustain for all its business segments, especially the automotive sector.
Bosch Limited, a leading supplier of technology and services, expects to maintain a double-digit growth rate in India for the current fiscal given the demand from the market, especially the automotive segment.
For the first quarter of the current fiscal year, the company reported a revenue of Rs 4,158 crore, which was 17.3% year-on-year (YoY). It said the revenue growth was mainly due to increased sales of Exhaust Gas Temperature (EGT) components in passenger cars and commercial vehicle segment, outperforming the market.
The profit after tax (PAT) stood at Rs 409 crore which is 9.8% of revenue from operations.
Bosch Limited Managing Director Guruprasad Mudlapur said, “Over the next decade, India presents immense growth potential in the areas of innovation, technology, quality, and manufacturing depth. Bosch is committed to investing in cutting-edge R&D to develop groundbreaking solutions that drive the company towards a greener and more sustainable future.”
“We are optimistic about the future as we navigate a rapidly changing global market with positive trends in the Indian automotive industry which is witnessing a shift towards premium vehicles and cleaner fuel options and electrification. Hence, embracing change is crucial and we are ready to leverage technological advances to cater to the evolving consumer preferences,” he added.
The optimism in Bosch stems from the various developments in the Indian economy. The automotive industry is seeing a marked shift as demand for higher-priced vehicles, which offer greater technological integration, is rising. In addition, the thrust on infrastructure projects is also aiding the demand.
Bosch provides technology and services across segments such as mobility solutions, industrial technology, consumer goods, and energy, and building technology.
The company is also planning to showcase BS6 stage 2 hydrogen engine truck by early 2024. This will be a demonstration of the likely shift towards cleaner fuel vehicles thereby being environmentally friendly.
Edited by Kanishk Singh