The technology and service provider’s standalone net profit for FY24 came in at Rs 2,491 crore, against Rs 1,425 crore in FY23. Fourth quarter net profit also rose 41 percent on year to Rs 564.5 crore.
24 May 2024 | 9131 Views | By Kiran Murali
Technology and services provider Bosch Ltd, the Indian unit of German technology and engineering company Robert Bosch GmbH, reported growth of 75 percent in its net profit for the financial year 2024. The growth can be primarily attributed to a one-time gain arising largely from the sale of its mobility ...
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Technology and services provider Bosch Ltd, the Indian unit of German technology and engineering company Robert Bosch GmbH, reported growth of 75 percent in its net profit for the financial year 2024. The growth can be primarily attributed to a one-time gain arising largely from the sale of its mobility business during the year. Net profit for the fourth quarter rose 41 percent on year.
The standalone net profit for the financial year came in at Rs 2,491 crore, against Rs 1,425 crore in FY23. The company registered a one-time gain of Rs 844 crore on account of gains from the transfer of its Project House Mobility Solutions business to Bosch Mobility Platform and Solutions India Pvt Ltd as well as from some reversal of restructuring provisions made earlier.
Revenue from operations rose 12 percent on year to Rs 16,727 crore. Almost 86 percent of the company’s revenue comes from its automotive business. “Mobility business sector reported an 11.1% increase in product sales during the fiscal year 2023-24 over the previous fiscal, largely driven by a 4.8% growth in the overall automotive sector,” the company said.
“We concluded FY23-24 with a strong performance and considerable revenue growth, despite multiple headwinds that plagued the industry. The resilient uptick was fueled by increased demand for passenger cars and consumer goods product segment,” said Bosch Group India President and Bosch Ltd MD Guruprasad Mudlapur.
For the quarter ended March, Bosch clocked Rs 564.5 crore in net profit, against Rs 399 crore in the year-ago quarter. The company did not book an exceptional item during the quarter.
Revenue from operations rose 4.2 percent on year to Rs 4,233.4 crore while other income almost doubled to Rs 226 crore from Rs 136 crore in the year-ago period. Bosch’s mobility business 2.7 percent during the quarter.
The company’s board has recommended a final dividend Rs 170 per share for the financial year 2024.
Meanwhile, the company said its board also approved the sale of its OE/OES Diagnosis Business from Mobility Aftermarket to ETAS Automotive India Pvt Ltd, a wholly-owned subsidiary of Robert Bosch Investment Nederland B.V. for a cash consideration not less than Rs 45.6 crore along with a purchase price adjustment applicable up to the closing date. The transaction is expected to be closed on or before June 30.