Bosch Q1 PAT rises 9.4% YoY to Rs 334 crore

The technology supplier reported 9.4% rise in consolidated net profit to Rs 334 crore on a 45.1% increase in total revenue from operations to Rs 3,544 crore in Q1 FY 2022-23 over Q1 FY 2021-22.

The company said that the revenue was at al all-time high is due to the low base last year and the easing of supply-chain bottlenecks, especially toward the end of the quarter, in conjunction with a positive production in the tractor segment.

Profit before tax Q1 FY 2022-23 stood at Rs 438 crore, up by 30.5% as compared with the same quarter of previous year.

Soumitra Bhattacharya, managing director of Bosch and president of the Bosch Group in India, said: The strong momentum exiting FY2021-22 was sustained and further improved over the past quarter due to recovery in the overall automotive market. This has bolstered our confidence that we will surpass the peaks of FY2018-19.

With a steady order book and easing supply chain issues, we expect to maintain robust growth across revenue and free cash flows for the remainder of FY2022-23. Our focus is to maintain steady margins through strategic cost recovery across our supply chains."

Bosch said that the automotive market in Quarter 1 witnessed a strong year-on-year growth on a Covid-impacted low base. Owing to OEMs' long waiting periods and strong order books we have a sustained demand in segments like Passenger Cars and Utility Vehicle, along with further improvements in two-wheelers and tractors. This has resulted in an increase of 47.4% in the Powertrain Solutions division.

The Automotive Aftermarket division also surpassed its peak with an increase of 61.3% due to a low base in Q1 FY 2021-22. The Beyond Mobility businesses recorded an increase of 53.6% mainly due to growth in Consumer Goods division by 48.6%.

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 fell 1.15% to currently trade at Rs 17619.35 on the BSE.

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