The company said that the total product revenue of its Mobility Solutions business sector and Beyond Mobility Solutions business sector increased by 23.7% and 7.8%, respectively. The growth in the latter sector can be attributed to the Energy and Building Technology business, it added.

Profit before tax grew by 23.55% year on year to Rs 533 crore in the quarter ended 31March 2023.

On full year basis, the firm's consolidated net profit rose 17.01% to Rs 1,425.5 crore on 26.72% increase in revenue to Rs 14,929.3 crore in FY23 over FY22.

Bosch said that the Mobility Solutions business sector reported a 30% increase in product sales during fiscal year 2022-23, largely driven by a 22% growth in the overall automotive sector. This growth was further supported by an increase in the share of content per vehicle, particularly in exhaust gas treatment. Domestic sales for the company also rose by 27.5%.

Within the Mobility Solutions business sector, the Powertrain Solutions division in India saw a 35.9% increase, while the Automotive Aftermarket division rose by 15.3%. The Beyond Mobility Solutions sector recorded a 14.4% increase in sales.

Soumitra Bhattacharya, managing director of Bosch and president of the Bosch Group in India, said, “Despite all odds, we concluded the year with strong performance and positive revenue growth. This was primarily fueled by the solid recovery in the auto market post pandemic.

The total capital investments for the year, including capital work-inprogress, amounted to Rs 747 crore, with a significant portion allocated towards the development of Spark. NXT campus in Adugodi, Bengaluru. “Reaffirming our commitment to being 'Invented for Life', we recognize the pressing need for both - software technologies and sophisticated hardware- in the Indian Automotive Industry. Internal Combustion Engine (ICE) will remain the dominant technology in the passenger car segment, even as the transition to electrification is already underway.”

Speaking about the outlook for the upcoming fiscal year, Bhattacharya commented, “As we look ahead to fiscal year 2023-24, we recognize the challenges that lie ahead due to the ongoing uncertainty caused by certain macro factors. Despite these challenges, we remain optimistic about the automotive market, which saw record production volumes in FY 2022-23. It also saw good acquisition of projects catering to TREM5 and OBD2 regulations resulting in strong order book, for next 3 to 5 years. We anticipate a moderate growth in India's GDP, which will likely lead to a 5 to 6% increase in the automotive market. At Bosch, we are confident in our ability to navigate these headwinds, particularly as we continue to see an increase in content per vehicle due to components supplied for exhaust gas treatment and implementation of BSVI stage 2. With this in mind, we expect total revenue from sales to grow around 15%.”

Meanwhile, the company's board has recommended a final dividend of Rs 280 per equity share for FY23, subject to approval of shareholders. The dividend, if declared, will be paid/dispatched on or after 10 August 2023.

Further, the company said that Markus Bamberger will be stepping down his position as a chairman and director of the company from the close of business hours on 1 August 2023 as part of succession planning.

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.

Shares of Bosch declined 0.64% to Rs 19,235.65 on the BSE.