Bosch Ltd Reports Surge In FY24 Net Profit – Machine Maker

Bosch Ltda., the Indian subsidiary of German technology and engineering giant Robert Bosch GmbH, has reported an impressive 75% increase in its net profit for the financial year 2024. This significant growth is largely attributed to a one-time gain from the sale of your mobility business. during the year. The company's net profit for the fourth quarter also saw a substantial increase of 41% year-on-year.

For the financial year, Bosch Ltd's standalone net profit soared to Rs 2,491 crore, up from Rs 1,425 crore in FY23. The company benefited from a one-time profit of Rs 844 crore, mainly due to transfer of its Project House Mobility Solutions business to Bosch Mobility Platform and Solutions India Pvt Ltd, as well as the revocation of some previously adopted restructuring provisions.

Operating income for the year rose 12% to Rs 16,727 crore, with around 86% of the company's revenue coming from its automotive business. The mobility business sector alone saw an 11.1% increase in product sales during FY24, driven by 4.8% growth in the overall automotive sector.

“We concluded FY23-24 with strong performance and considerable revenue growth, despite multiple headwinds that impacted the industry. The resilient rebound was driven by higher demand from the passenger automobile and consumer goods product segment,” said Guruprasad Mudlapur, president, Bosch India Group and managing director, Bosch Ltd.

For the quarter ended March 2024, Bosch Ltd reported a net profit of Rs 564.5 crore, up from Rs 399 crore in the corresponding quarter of the previous year. Revenue from operations for the quarter rose 4.2% to Rs 4,233.4 crore, while other income nearly doubled to Rs 226 crore from Rs 136 crore in the year-ago period. The mobility business also grew 2.7% during the quarter.

In addition to these financial results, Bosch Ltd's board of directors recommended a final dividend of Rs 170 per share for fiscal 2024. Additionally, the board approved the sale of its Mobility Aftermarket OE/OES diagnostics business to ETAS Automotive India Pvt Ltd. a wholly owned subsidiary of Robert Bosch Investment Nederland BV, for a minimum cash consideration of Rs 45.6 million, subject to purchase price adjustment up to the closing date. This transaction is expected to close on June 30.

Bosch Ltd. Strong financial performance and strategic business decisions underscore its resilience and adaptability in a challenging market environment, positioning the company for continued growth in the future.