Bosch Limited, a leading supplier of technology and services, posted total revenue from operations of Rs2,918 crores in Q2FY22, an increase of 17.7 per cent. The increase is due to a lower base in the previous year and substantial recovery in sales in the current year as the lockdown restrictions eased across states in the country in July-September of 2021.
Profit before tax stood at Rs397cr, this is 13.6% of total revenue from operations. Profit after tax stood at Rs372cr, which is 12.7% of revenue from operations.
“Although the automotive market production in India has currently declined also due to the ongoing semiconductor shortage, there are first signs of recovery. However, uncertainty in the market remains a major concern for the automotive industry going forward,” said Mr. Soumitra Bhattacharya, Managing Director, Bosch Limited & President, Bosch Group in India.
Furthermore, on the recent announcements from the Government of India on the Automotive PLI, the latest in a series of emerging-industry focused PLI schemes, he added, “The PLI comes at the right time as a much-needed impetus to the automotive industry which has now faced several challenges since 2019 including COVID-19 and the ongoing semiconductor crisis. The focus on incentivizing advance automotive technology components will enable the industry to accelerate future technologies in mobility with an aim to bring India at par with global standards. Bosch will participate to maximize the PLI benefits which will help in overcoming some of the shortcomings linked to industrializing such technologies.”
Product sales increased by 20 percent in the second quarter of FY 2021-22, with the Powertrain Solutions division registering an increase of 16 percent and the Aftermarket division witnessing an increase of 27 percent due to a low base in Q2 of FY 2020-21. Outside the Mobility Solutions business division, Bosch recorded an increase of 36 percent mainly due to business growth in the power tools segment in July-September of 2021. The company witnessed a recovery in sales volumes with gradual improvement in business environment from COVID-19 pandemic.