“Despite signs of recovery, uncertainty remains in the market”
Biznextindia : Despite signs of recovery, uncertainty in the market remains a major concern for the Automotive industry going forward. However, the PLI scheme, announced by the government, comes at the right time as a much-needed impetus to the automotive industry which has now faced several challenges since 2019 including COVID-19 and the ongoing semiconductor crisis, said Soumitra Bhattacharya, Managing Director, Bosch Limited & President, Bosch Group in India.
“Although the automotive market production in India has currently declined also due to the ongoing semiconductor shortage, there are first signs of recovery. However, uncertainty in the market remains a major concern for the automotive industry going forward,” said he.
“Furthermore, on the recent announcements from the Government of India on the Automotive PLI, the latest in a series of emerging-industry focused PLI schemes, he added, “The PLI comes at the right time as a much-needed impetus to the automotive industry which has now faced several challenges since 2019 including COVID-19 and the ongoing semiconductor crisis. The focus on incentivizing advance automotive technology components will enable the industry to accelerate future technologies in mobility with an aim to bring India at par with global standards. Bosch will participate to maximize the PLI benefits which will help in overcoming some of the shortcomings linked to industrializing such technologies” he added.
Bosch Q2 Results
Bosch, a leading supplier of technology and services, posted total revenue from operations of INR 2,918 crores in Quarter 2 of FY 2021– 22, an increase of 17.7 percent. The increase is due to a lower base in the previous year and substantial recovery in sales in the current year as the lockdown restrictions eased across states in the country in July-September of 2021. Profit before tax stood at INR 397 crores. This is 13.6 percent of total revenue from operations. Profit after tax stood at INR 372 crores, that is 12.7 percent of revenue from operations.