The Technology and Service provider, Bosch, reported a 22.4% YoY increase in net profit to Rs 408.9 crore for the quarter ending in June for FY24.

The company’s revenue generated from its operations increased by 17.3% YoY to Rs 4,158.4 crore for the quarter under review. The increased operating revenue numbers were mainly caused by the increased sale of exhaust gas temperature (EGT) components in passenger cars and the commercial vehicle segment.

The EBITDA increased by 4.1% to Rs 467.9 crore from the Rs 449.4 crore reported in the corresponding quarter of the previous fiscal year. The EBITDA margins stood at 11.3% against 12.7% in Q1FY23.

The company’s Powertrain solutions business reported a growth of 12.5% YoY, outperforming the overall automotive market; this resulted in an increase of 13.6% in the sales of the automotive segment.

The company has seen substantial growth in the 2-wheeler business despite the weakening of demand due to the global economic crisis that has helped better distribution of semiconductor supplies worldwide, resulting in an increase of 42.8% against the same quarter last year.

The beyond mobility business reported an increase of 21.5% in net sales, driven by steady growth in consumer products and significant government investments in infrastructure.

Guruprasad Mudlapur, managing director Bosch and president of Bosch Group in India said, “With India emerging as a promising market and our focus on green hydrogen and innovative automotive offerings, Bosch is well-positioned for growth and success in the year ahead.”

The shares of Bosch opened 2% above their previous on NSE.

At 10:45 am, the shares of Bosch were trading at Rs 19,013.80 or 0.23% above its previous close on NSE.