Bosch Limited, a leading supplier of technology and services, concluded its financial year 2023-24 with impressive results, reporting a total revenue from operations of INR 16,727 crore (€ 1,863 million), growing 12% increase compared previous fiscal.
Profit Before Tax (PBT) before exceptional items rose by 24.2% to INR 2,337 crore, constituting 14.0% of total revenue. PBT after exceptional items represented 19.0% of total revenue, driven by gains from the sale of the mobility business.
In Q4FY24, the company achieved total revenue from operations of INR 4,233 crore (€ 469 million), a 4.2% increase over the same period last year. PBT for the quarter was INR 661 crore, reflecting a 23.9% increase, while PAT stood at INR 564 crore, up by 41.4% from the previous year.
The company saw a 2.7% increase in product revenue in the mobility business sector and a 14.0% rise in the Beyond Mobility business sector, driven by growth in the consumer goods segment.
Annual Highlights:
EBITDA for FY24: 12.0%, up from 8.1% in FY23.
Net Debt: Reduced to INR 89 crore by the end of FY24.
Mobility Business: Reported an 11.1% increase in product sales, with a 4.8% growth in the overall automotive sector and a 13.2% rise in domestic sales.
Power Solutions Division: Experienced a 10.9% increase in sales due to changes in emission norms.
Mobility Aftermarket Division: Rose by 10.2% owing to increased market demand.
Beyond Mobility Sector: Recorded a 17.7% increase in sales, driven by power tools and building technology segments.
Strategic Development
Bosch has decided to transfer its Original Equipment (OE) diagnostic business from the Mobility Aftermarket division to its subsidiary ETAS, effective July 1, 2024. This move aims to enhance synergies with ETAS's existing business lines.
Outlook For FY25
The company anticipates continued growth in India, driven by sustained investment in infrastructure and an expanding middle class. It company plans to focus on innovation and robust product offerings to maintain its market position.
Guruprasad Mudlapur, President of Bosch Group in India and Managing Director of Bosch Limited, said, “We concluded FY24 with a strong performance and considerable revenue growth despite multiple headwinds. Our focus on emerging technologies makes us optimistic about the future.”
Bosch Group's Global Performance
The Bosch Group reported sales of € 91.6 billion in CY23, a 3.8% increase. EBIT was € 4.8 billion, with a margin of 5.3%.
Stefan Hartung, Chairman of Robert Bosch GmbH, emphasised the company's commitment to achieving long-term growth and profitability despite economic challenges.
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