Significant increase in the demand from the agriculture sector, mainly the tractor business helped Bosch's Q4FY2021 performance.
20 May 2021 | 4574 Views | By Sricharan R
Bosch reported a 44 percent increase in total revenue from operations at Rs 3217 crore in Q4 FY2021 YoY (FY2020 revenue: 2,236 crore). Its standalone Q4 FY2021 profit came in at Rs 482 crore, nearly five times compared to the same quarter last year.
Speaking on the results, Soumitra ...
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Bosch reported a 44 percent increase in total revenue from operations at Rs 3217 crore in Q4 FY2021 YoY (FY2020 revenue: 2,236 crore). Its standalone Q4 FY2021 profit came in at Rs 482 crore, nearly five times compared to the same quarter last year.
Speaking on the results, Soumitra Bhattacharya, Managing Director, Bosch and President of Bosch India “Despite facing a spell of near-zero sales in April and May, 2020, there has been a significant increase in the demand from the agriculture sector, mainly the tractor business. Industry showed continued signs of recovery since the second quarter of FY2021, however it remains impacted due to the uncertainties in the market. International market volatilities in the supply chain will also continue to impact the auto sector. Furthermore, we have seen growth in the power tools segment, especially in the construction and e-commerce sectors,” said.
During FY2021, Bosch made a provision of Rs 743.8 crore, towards various restructuring, reskilling and redeployment initiatives. These provisions have helped us in transforming the company and making it future-ready. Total investments in FY2021 amounted to Rs 246 crore with major spend on the expansion of its Adugodi campus.
Speaking about the outlook for the upcoming financial year, Bhattacharya commented: “With the second wave (of Covid-19) being more severe, there is a clear uncertainty in the market. With 80 percent of our revenues driven through mobility business, we have been affected adversely. The challenge will be to manage the fluctuating demand, supply chain crisis and changing consumer behavior all at once.”