Bosch India projects double digit growth, ₹480 cr in R&D costs for FY24

Engineering company Bosch Limited will be spending ₹480 crore in research and development activities cost in India, said Guruprasad Mudlapur, the group’s president for its India business. Mudlapur was speaking with the media in one of his first interactions after assuming his new role on July 1.

Mudlapur said that Bosch in India is projecting double-digit growth in FY24. He added, “Cleaner fuels, green hydrogen and electrification take centre stage in our commitment to a climate-neutral future.”

Bosch India announced its quarterly results for Q1FY24 late on Monday. The company has posted a total revenue from operations of ₹4,158 crore, with a year-on-year increase of 17.3%. The net profit stood at ₹409 crore, which is 9.8% of the revenue from operations.

“Over the next decade, India presents immense growth potential in the areas of innovation, technology, quality, and manufacturing depth. Bosch is committed to investing in cutting-edge R&D to develop groundbreaking solutions that drive the company towards a greener and more sustainable future,” the company said in a statement. 

Further, Mudlapur said that the company is investing in emerging and advanced technologies such as artificial intelligence. Globally, the group is integrating AI into its products and manufacturing. Internally too, Bosch is using generative AI platforms for coding and overall better productivity.

To be sure, Bosch announced the appointment of Mudlapur as the managing director and president of India business in March, succeeding Soumitra Bhattacharya. He joined Bosch in August 2008 and has more than 15 years of experience in the Bosch Group where he has held various positions in engineering and business management. Most recently, he was joint managing director and chief technology officer of Bosch Limited.

Last year, Bosch completed a century of its presence in India and established 76-acre Spark.NXT campus in Bengaluru at a cost of $100 million.