Q2FY24 Quarterly Result Announced for Bosch Ltd.
Auto Parts & Equipment company Bosch announced Q2FY24 results: Total revenue from operations of Rs 4,130 crore (470 million euros) in Q2FY24, an increase of 12.8% over Q2FY23, due to growth in the automotive sector driven by strong demand in core segments such as heavy commercial vehicles and passenger cars. The Profit Before Tax (excluding exceptional items) stood at Rs 532 crore (61 million euros) which is 12.9% of total revenue from operations, an increase of 9.2% over Q2FY23. The Profit Before Tax (after exceptional items) stood at Rs 1,317 crore (150 million euros) which is 31.9% of total revenue from operations, an increase of 170.4% over Q2FY23. Exceptional items pertain to the gain on sale of the company’s Mobility Solutions business in the current quarter. Bosch reorganized its Mobility Solutions business into a business sector with profit and loss responsibility earlier this year. The envisaged transaction is designed to steer the global platform and solutions business via a neutral e-commerce marketplace. This will ensure flexibility and ease of global operations. The Profit After Tax (PAT), after exceptional items, stood at Rs 999 crore (114 million euros) which is 24.2% of revenue from operations “In today’s rapidly changing market conditions, Bosch in India remains adaptable and thus well poised to maintain robust growth and a healthy EBIT in the upcoming quarter as well,” says Guruprasad Mudlapur, Managing Director, Bosch and President, Bosch Group, India. “Over the next decade, the mobility sector in India will transform fundamentally. India is already the third-largest auto market worldwide and we are optimistic about a promising future where we move towards electrification, cleaner fuel options, green hydrogen, and safer vehicles. Demonstrating our agility to embrace the change, Bosch is committed to taking centerstage and emerging as the ultimate system solution provider for new-age technologies in the mobility space,” adds Mudlapur. Result PDF09-11-2023
