The company added that the revenue was at all-time high supported by the easing of chip shortage, aiding the broad-based growth in auto supply.

Profit before tax rose 22.5% year on year to Rs 487 crore in the quarter ended 30 September 2022.

Total expenses increased by 25.7% YoY to Rs 3,324.2 crore in Q2 FY23. Cost of materials consumed was 877.2 crore (up 35.8% YoY) and other expenses stood at Rs 578 crore (up 21.5% YoY)

Soumitra Bhattacharya, managing director of Bosch and president of the Bosch Group in India, said: “The surge in demand on the back of the continued recovery of the automotive market has contributed to a strong performance this quarter. Although supplies in semiconductor have eased out relatively, the supply chain ecosystem itself continues to remain fragile. Despite these uncertainties including rising input costs, we expect to build on the strong performance of this quarter."

Bosch said that the automotive market in second quarter witnessed a strong YoY growth on a covid impacted low base. The Powertrain Solutions business which constitutes more than 60% of the total net sales showed a robust growth outperforming the overall automotive market growth. This has resulted in an increase of 31.1% in the product sales of automotive segment.

With the easing of the chip shortage the sales in the 2-wheeler segment also saw a growth of 21%. The Beyond Mobility businesses recorded an increase of 7.5% in net sales mainly due to growth in the security solutions and a sustained growth in the consumer goods division, supported by the festive season demands.

In India, Bosch is a leading supplier of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology.

The scrip rose 0.93% to settle at Rs 16,461 on Monday, 7 November.