Bosch's PAT rises to Rs. 234 cr in Q3
The company has reported a 27.43% YoY growth in consolidated PAT
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Mumbai: Technology and services provider Bosch Ltd, has reported a 27.43 per cent year-on-year growth in consolidated PAT to Rs 234.79 crore for the December 2021 quarter.
The company had posted a consolidated profit after tax (PAT) of Rs 184.25 crore in Q3FY21. The total revenue from operations during October-December 2021 grew 2.6 per cent to Rs 3,109.08 crore as compared with Rs 3,029.64 crore in the year-ago period, the company said in a statement.
The increase in revenue is largely attributed to growth in aftermarket business given that overall domestic automotive market production (excluding two-wheelers) declined by 12 per cent, it stated. The company said its product sales increased 3.6 per cent during the quarter under review, with the aftermarket business spiking 29 per cent due to high demand for diesel products and strategical changes in the supply chain leading to higher sales fulfilment. Outside the mobility solutions business sector, the growth was recorded at 11 per cent, mainly due to business growth in the building technologies division, it said. Bosch, which has completed 100 years of its presence in the Indian market, last week announced its plans to invest over Rs 1,000 crore in the localisation of automotive technologies over the next five years. "Over the past decade, we have invested more than Rs 8,000 crores in India. Bosch India will continue its contribution to building an Atmanirbhar Bharat through an investment of over Rs 1,000 crore for the localisation of advanced automotive technologies in the next five years. "An additional Rs 1,000 crore will be put into expanding digital platforms like mobility marketplace and mobility cloud platform," Soumitra Bhattacharya, managing director of Bosch Ltd and president of the Bosch Group in India, said.
Bosch's 100-year journey in India is not just heritage but a significant landmark, which has punctuated several path-breaking milestones and achievements aligned with Make-in-India, he said. The company predicts that by 2030, every third new vehicle in India will be an electric vehicle (EV). Accordingly, it is evaluating multiple opportunities arising from electrification developments and continuing to invest in building a sustainable and self-reliant mobility ecosystem in India.
The new initiatives announced in the Union Budget for the next fiscal come as an impetus to boosting the EV ecosystem in India through the development of special mobility zones with zero fossil fuel policy and battery-swapping technology, said Bhattacharya.
