Bosch Ltd net profit increases 27% to Rs 234.79 cr in Q3 FY22

11 Feb 2022 CW Team

Bosch Limited witnessed a 27.5% increase in its consolidated net profit to Rs 234.79 crore during the third quarter (Q3) of FY22, which ended on 31 December 2021.

The company said that it reported a consolidated net profit of Rs 184.15 crore during the same period last year.

The company plans to invest Rs 2,000 crore in the next five years for localising its advanced automotive technologies and expanding its digital platforms, which include mobility marketplace and mobility cloud platform.

Its revenue from operations during Q3 stood at Rs 3,109.08 crore, compared to Rs 3,029.64 crore during the same period last year.

In Q3, the automotive products segment generated a revenue of Rs 2,740.61 crore, compared to Rs 2,671.35 crore during the same period last year. Its consumer goods revenue stood at Rs 221.27 crore, compared to Rs 242.85 crore, in Q3 last year.

The company's overall expenses in Q3 were higher at Rs 2,853.68 crore, compared to Rs 2,776.90 crore a year ago.

Managing Director and President of Bosch Group in India, Soumitra Bhattacharya, said the company had achieved several milestones aligned with the Make in India initiative in its 100-year journey in India.

He said that Bosch India would continue its journey towards building an Atmanirbhar Bharat through an investment of over Rs 1,000 crore in the next five years for localising advanced automotive technologies.

Another Rs 1,000 crore will be utilised to expand its digital platforms such as mobility marketplace, and mobility cloud platform. Moreover, Bosch has invested over Rs 8,000 crore in India till now.

The company said its board had approved the appointment of Guruprasad Mudlapur as the Director and Joint Managing Director of the company for the next three years with effect from 9 February, subject to the shareholders' approval.

The Board has also approved acquiring a 14% stake in Business-to-Business (B2B) startup Zeliot Connected Services Private Limited, which offers connected mobility solutions for vehicles like tracking, fleet management and telematics.

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Also read: LG Energy Solution plans to increase sales by 8% in 2022

Bosch Limited witnessed a 27.5% increase in its consolidated net profit to Rs 234.79 crore during the third quarter (Q3) of FY22, which ended on 31 December 2021. The company said that it reported a consolidated net profit of Rs 184.15 crore during the same period last year. The company plans to invest Rs 2,000 crore in the next five years for localising its advanced automotive technologies and expanding its digital platforms, which include mobility marketplace and mobility cloud platform. Its revenue from operations during Q3 stood at Rs 3,109.08 crore, compared to Rs 3,029.64 crore during the same period last year. In Q3, the automotive products segment generated a revenue of Rs 2,740.61 crore, compared to Rs 2,671.35 crore during the same period last year. Its consumer goods revenue stood at Rs 221.27 crore, compared to Rs 242.85 crore, in Q3 last year. The company's overall expenses in Q3 were higher at Rs 2,853.68 crore, compared to Rs 2,776.90 crore a year ago. Managing Director and President of Bosch Group in India, Soumitra Bhattacharya, said the company had achieved several milestones aligned with the Make in India initiative in its 100-year journey in India. He said that Bosch India would continue its journey towards building an Atmanirbhar Bharat through an investment of over Rs 1,000 crore in the next five years for localising advanced automotive technologies. Another Rs 1,000 crore will be utilised to expand its digital platforms such as mobility marketplace, and mobility cloud platform. Moreover, Bosch has invested over Rs 8,000 crore in India till now. The company said its board had approved the appointment of Guruprasad Mudlapur as the Director and Joint Managing Director of the company for the next three years with effect from 9 February, subject to the shareholders' approval. The Board has also approved acquiring a 14% stake in Business-to-Business (B2B) startup Zeliot Connected Services Private Limited, which offers connected mobility solutions for vehicles like tracking, fleet management and telematics. Image Source Also read: LG Energy Solution plans to increase sales by 8% in 2022