Bosch India will continue its contribution to building an Atmanirbhar Bharat through an investment of over INR 1,000 crores for the localisation of advanced automotive technologies.
Bengaluru, February 8, 2022 – Bosch Limited, a leading supplier of technology and services, posted total revenue from operations of INR 3,109 crore in Quarter 3 of FY 2021-22, an increase of 2.6 percent. The increase is largely attributed to growth in aftermarket business given that overall Automotive Market production in India (excluding 2W) declined by 12 percent.
Profit before tax stood at INR 336 crores. This is 10.8 percent of total revenue from operations. Profit after tax stood at INR 235 crores that is 7.6 percent of revenue from operations.
This year, Bosch is celebrating its 100th anniversary in India. The company opened its first local sales agency in Kolkata in 1922. Today, Bosch encompasses 18 manufacturing sites, and 7 development and application centres and employs close to 31,500 associates.
"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.' Over the past decade, we have invested more than INR 8,000 crores in India," says Soumitra Bhattacharya, the managing director of Bosch Limited and president of the Bosch Group in India. "Bosch India will continue its contribution to building an Atmanirbhar Bharat through an investment of over INR 1,000 crores for the localisation of advanced automotive technologies in the next five years. An additional INR 1,000 crores will be put into expanding digital platforms like Mobility Marketplace and Mobility Could Platform." Bhattacharya added.
Bosch predicts that by 2030, every third new vehicle in India will be an EV. The company is evaluating multiple opportunities arising from electrification developments and continuing to invest in building a sustainable and self-reliant mobility ecosystem in India.
On the recently announced budget, Bhattacharya further added: "The new initiatives announced at the Union Budget 2022 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. The government's plans to promote electrification in pursuit of incurring required capex in this domain will spur a robust ecosystem for electric vehicles in India."
Product sales increased by 3.6 percent in the third quarter of FY 2021-22, with the Aftermarket division witnessing an increase of 29 percent due to high demand for diesel products and strategic changes in supply chain leading to higher sales fulfilment. Outside the Mobility Solutions business sector, Bosch recorded an increase of 11 percent, mainly due to business growth in the Building Technologies division.
Bosch Limited has received the prestigious Great Place to Work® certification for the second time in a row. The certification is recognised by employees and employers around the globe as the 'Gold Standard' for workplace excellence. The company earned this recognition for creating a Great Place to Work for all its employees and has excelled in the five dimensions of High-Trust, High-Performance Culture™ around credibility, respect, fairness, pride, and camaraderie.
