Automotive components and consumer goods player Bosch Ltd will acquire a small stake in two solar power generation companies at an outlay of about Rs 4.88 crore.
The company closed the third quarter of FY24 with a net profit of about Rs 518.1 crore (Q3FY23 Rs 318.9 crore) on an operational revenue of about Rs 4,205.2 crore (Rs 3,659.9 crore of corresponding period).
The company’s Board declared an interim dividend of Rs 205 per share for the financial year 2023-24.
According to Bosch, the Board approved investment of an amount not exceeding Rs 4,370 crore in AMP Energy C&l Eight Private Limited to acquire 10.87 per cent stake corresponding to the contracted capacity in the 27.5 MWdc Group Captive Solar Power plant in the state of Karnataka.
Similarly, the Bosch Board also approved investment of an amount not exceeding Rs 51.3 lakh in the Special Purpose Vehicle (SPV) incorporated by CSE Development (India) Pvt. Ltd set up for the purpose of setting up a 6.25 MWdc Group Captive Solar Power plant in Tamil Nadu.
The investment will be by way of purchase and/or subscribing to Equity Shares and/or Compulsorily Convertible Debentures and/or Compulsorily Convertible Preference Shares, in one or more tranches, constituting up to 5.2 per cent of its paid up share capital corresponding to contracted capacity in the SPV.
Commenting on the company’s third quarter results Guruprasad Mudlapur, President of the Bosch Group, India, and Managing Director, said: “Increased demand for vehicles has resulted in robust growth for Bosch Limited this quarter. With a sustained focus on localization in the mobility space and beyond, we are optimistic of the future and committed to delivering technologies and solutions that elevate the customer experience.”
Overall product sales of the automotive segment have increased by 16.8 per cent compared to the same quarter of the previous year. The Powertrain Solutions business, which constitutes more than 73 per cent of the overall automotive product sales, showed a growth of 20.4 per cent over the same quarter of previous financial year, higher than the overall automotive market growth driven majorly by the passenger car segment due to increase in content per vehicle.
The Beyond Mobility business recorded a 32.5 per cent increase in net sales over the same quarter of the previous financial year, driven by continued growth in the consumer goods product segment.