Technology and services supplier Bosch Ltd said it will invest a total of ₹2,000 crore in India over the next five years, in addition to the ₹8,000 crore already invested in the country over the past decade.
The company will invest ₹1,000 crore for localization of advanced automotive technologies, while an equal amount will be invested in building digital platforms such as mobility marketplaces and mobility cloud platforms, it was said on February 9.
“We will continue our contribution by investing over ₹1,000 crore for the localization of advanced automotive technologies over the next five years. Soumitra Bhattacharya, Managing Director of Bosch Limited and President of Bosch Group in India, said, “We will be investing an additional ₹1,000 crore to expand the digital platform.
Q3. 26.3% YoY Growth in Net Profit
Bosch reported a net profit of ₹235 crore in the third quarter, an increase of 26.3 year-on-year from ₹186 crore reported in the same quarter a year ago.
For the quarter ended December 2021, the company’s total revenue from operations stood at ₹3,109 crore, a 2.6% year-on-year growth. This growth was largely attributed to growth in the aftermarket business, although the overall automotive market production in India (excluding 2W) declined. by 12%, the company said.
In Q3, Bosch’s product sales grew 3.6%, with the aftermarket division seeing a 29% increase due to higher demand for diesel products. Its mobility solutions business grew 11%.
Bosch predicts that by 2030, every third new vehicle in India will be an EV. The company is currently in the process of evaluating several opportunities arising out of electrification development.
Mr Bhattacharya said, “The government’s plan to promote electrification to spend the required capex in this sector will foster a strong ecosystem for electric vehicles in India.”
Bosch is celebrating its 100th anniversary in India this year. The company opened its first local sales agency in Kolkata in 1922. It currently has 18 manufacturing sites, and seven development and application centers across the country and employs 31,500 people in the country.
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