Soumitra Bhattacharya, managing director of Automotive Components Ltd., Bosch, said it will invest more than Rs 200 crore in India over the next five years in advanced automotive technologies and the digital mobility space. The company is also " quietly and cautiously optimistic about achieving double-digit growth in FY2022-23 from the previous FY," Bhattacharya, who is also chairman of Bosch Group India, wrote to company shareholders in the annual report for FY22.
He pointed out that the world is going through "unprecedented" challenges, such as the supply chain crisis, including the continued shortage of chips, China lockdown, particularly Shanghai, the war between Ukraine and Russia, and geopolitical shifts.
"...This has led to one of the highest inflation rates we have seen in the world impacting interest rates and a slowing economy with an imminent and potential recession," Bhattacharya said.
From 2021 to 222, the company reported total revenue from operations of Rs 11,104.7 crore with a profit after tax of Rs 1,217 crore.
On future plans, he said: "We are investing in the future...Bosch Ltd will invest more than Rs 200 crore in India over the next five years in advanced automotive technologies and digital mobility."
According to Bosch Ltd Chairman Markus Bamberger, the company's markets are constantly changing due to "climate action, electrification, automation and connectivity".
"Global Bosch is ready to tackle tough situations and has a strong product portfolio in electric mobility with strong order books. We are also focusing our efforts in the promising field of fuel cells," he added.
In India, Bamberger said, "Bosch Ltd will support OEMs with system expertise and engage in ecosystem partnerships to become a major player in the electricity ecosystem."
He added: "We will also partner with the hydrogen ecosystem with complete powertrain modules already present in our portfolio. Our goal is to continue to transform India's mobility into a clean, comfortable and clutter-free environment."
While electric vehicles will make inroads in India, Bamberger said Bosch still sees "internal combustion engine (ICE) dominance with a 70 to 75 percent share till 2030."