Bosch Limited
Annual Report 2018-19


Dear Shareholders,

The global economy faces many uncertainties and headwinds. Escalating trading tensions, increasing nationalistic approaches (as opposed to globalization) and Brexit related issues have necessitated reshaping of global business models. Additionally, rapid growth of digital economy, increasing usage of automation, artificial intelligence and internet of things and services, emergence of disruptive technologies and business models.

V. K. Viswanathan

Chairman – Board of Directors
Bosch Limited

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Dear Shareholders,

The global economy faces many uncertainties and headwinds. Escalating trading tensions, increasing nationalistic approaches (as opposed to globalization) and Brexit related issues have necessitated reshaping of global business models. Additionally, the rapid growth of the digital economy, increasing usage of automation, artificial intelligence and internet of things and services, the emergence of disruptive technologies and business models and a renewed focus on clean and green environment force new challenges and offers unprecedented growth opportunities.

Clearly, the Indian economy has its own characteristics but it is also impacted by the global developments outlined above. The recent general elections have ensured political stability, continuity of economic reforms and predictable policy environment. While our broader economic indicators are looking stable with GDP estimated to grow at 7% for FY 2019-20, moderate inflation, sufficient foreign currency reserves, stable exchange rate and benign crude oil prices, there are economic headwinds as well. Challenges such as slowing economy leading to lower consumption, agrarian and rural distress, growing under and unemployment, stagnant exports and acute credit shortage call for innovative policy reforms in agricultural and labour sectors and greater emphasis on private investment in infrastructure and manufacturing. This will accelerate job creation and promote higher exports.

The Indian automotive industry which contributes 7 percent of the country’s GDP and employs 37 million people is currently witnessing a sharp cyclical slowdown. As though this challenge is not difficult enough, the transition from BS-IV to BS-VI emission norms across the country with effect from April 2020, will entail major technological changes and compel manufacturers and dealers to carefully plan their inventory levels pre and post the emission norms change.

Your Company will adopt a two-pronged approach, making the current internal combustion engines (ICEs) greener and more fuel-efficient whilst simultaneously working towards electrification. I am pleased to inform you that your company stands at the forefront of such a transformation by closely working with all its customers for a smooth implementation of BS-VI emission norms and electrification initiatives.

The financial results for FY 2018-19 can be seen in the enclosed Annual Report. You will note that despite the slowdown in the automotive sector in the second half of the financial year, sales grew by 4.9% over the previous financial year and Profit after Tax by 16%. In addition to higher dividend payout, your Company has, in February this year, also bought back 10,27,100 equity shares of the face value of INR 10 each at a price of INR 21,000 per share thereby returning INR 21,569 million to the shareholders.

Our innovations and initiatives in the mobility and beyond mobility sectors will continue and accelerate. Our deep knowledge of local markets and customer insights, availability and access to cutting edge and relevant technology, engineering and execution excellence backed by high-quality human resources will enable your company to continue to play its meaningful role in nation-building and skill development.

Dear shareholders, as we end another financial year, we reflect on all that your Company has achieved so far. And as we continue to work with bigger innovations and a stronger commitment towards a better India, I thank you for your continued support and trust in us.

Best Regards,

V. K. Viswanathan

Chairman, Board of Directors,
Bosch Limited

Managing Director’s Message

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Dear Shareholders,

As one of the faster-growing economies, India is on the road to massive positive transformation. The country’s improving economic scenario has invited global investments, with multiple organizations making and funding in India. With the re-elected Modi government, I am confident that several government initiatives will catalyze this transformation both, within the country and through collaborations with global players.

The country’s current GDP rate of 6.8 percent is a challenge to retain in the coming years even though the Foreign Direct Investment (FDI) inflow reached US$ 409.15 billion during the eight-year period, from 2010 to 2018. Interestingly the maximum contribution has been in the sectors of construction, automobiles, and IT industries, yet displaying a slowdown of the economy especially in the automotive industry in recent times.

At Bosch Limited, we are strongly committed to realizing the nation’s vision through empowering not just our own organization but also players across industries to leverage opportunities and competencies and turn India’s growth vision into a reality. ‘Lakshya’, Bosch India’s initiative for its future-proofing, focuses on five pillars – Customer Centricity, Collaboration, Start-up Culture, People Centricity and Sustainable growth; Bosch endeavours to provide technologies and solutions to equip India to find a place amongst the top global economies within the next few decades.

After nearly a decade long growth, the automotive sector in India has finally started to witness a severe slowdown. The Indian auto industry registered a decline across all four segments in the first quarter of 2019. While the sales of passenger vehicles declined by 10 percent, the production of commercial vehicles slumped by 9.5 percent and two and three-wheelers by 4.7 and 11.5 respectively. Almost 85 percent of our revenues are driven from the mobility segment and with negative market sentiments, the near future of the automotive sector appears grim. However, we are hopeful that the market will be on track and with upcoming legislative changes (safety, emissions, etc.), we expect the growth curve to start inching upwards again. It is therefore extremely important to be fully focused and support customers in these times of transformation, which Bosch is fully committed to while facing the current slowdown in 2019-20.

Bosch would continue focusing and strengthening our core business while venturing into adjacencies and new growth opportunities. This year’s annual report is based on the theme ‘Smart Moves’ that we have successfully showcased in various sectors in the last financial year.

Ushering in a new era for the country with smart moves across industries

At the crux, multiple industries must work in tandem to achieve India’s socio and economic goals and impact the quality and standard of living. Bosch’s 132 years of legacy, our domain expertise, a pro-innovation approach, and capabilities to lead transformations not just in ourselves, but also within our partner networks, make us a key contributor. Further, we’re one of the fastest transforming leaders in the Automotive, Energy Efficiency, Smart Manufacturing, and Social Engagement – with an ability to create a large-scale ripple effect in other domains.

India’s intent to achieve 40% of its energy from non-fossil sources will generate massive changes in various industries, including the fast-changing automotive sector. While focusing on advancing our core offering of the Internal Combustion Engine (ICE), we also need to collectively devise solutions to create an automated, connected, and electrified automobile ecosystem. Electrification may soon become a living reality with mass adoption in 2-wheeler, 3-wheeler, and intra city buses followed by car fleets in the next 5 to 10 years. To prepare for such a future, Bosch’s in-house start-up Project House Electrification, conducted a test drive by converting a diesel-powered vehicle to one fitted with an electric powertrain. Its success points towards electrifying the logistics chain, and similar adoption abilities for passenger vehicles. This demonstration in a short period of time illustrates Bosch’s technological ability and willingness to participate in the Electrification story of India.

However, it may still take more than a decade to reach a 25 percent share in the mobility segment. And while we continuously work towards building that future, we would also work on hybrid solutions which provide the best of both worlds. A hybrid solution may also be conducive for players to ease into. Coexistence of Electric Vehicles with Internal Combustion Engines propelled by diesel, gasoline and alternative fuels such as natural gas, ethanol and its blends is the best approach at present. Bosch Automotive Aftermarket is also focusing more than ever on the range of connected products and services. With high-quality auto parts, world-class service and state-of-the-art diagnostic equipment, this division keeps the vehicles up and running smoothly.

Another consideration that automotive players must factor in is the increasing amount of time spent in vehicles, invoking the need to make them safer and connected. With parallel infrastructural developments, Bosch also aims to ensure a higher level of safety by innovating new solutions. We are proud of our solutions such as the Engine Management System from Bosch Limited that enables the machine to work flawlessly. The theory was also comprehensively tested with a unique travel expedition, ‘Polar Odyssey’ powered by Bosch. Three motorcycling enthusiasts, one being a Bosch employee ventured on a lifetime journey on an Indian motorcycle with Bosch Limited technology, from one pole to the other over a span of 95 days without a single breakdown.

One of the national goals is to increase renewable energy capacity to 100 GW by 2022, but its achievability depends on the implementation of energy solution across industrial units. Besides environmental benefits, alternate energy sources are also economical, as is reflected by one of the projects undertaken by our Energy Efficiency department. The project entailed working closely with Honda Motorcycles and Scooter India to install solar power plants across most of its locations and implementing energy efficiency solutions. This subsequently resulted in a 56% cost-benefit and improved the green image of the company by reducing CO₂ emission by 67.5 tons.

Bosch globally has been gearing up to reduce its carbon footprint internally. Starting in 2020, Bosch will compensate for any residual and unavoidable carbon emissions primarily through purchasing green power from legacy plants and participating in carbon offset programs. Despite the massive associated investment, this smart move wouldn’t just benefit Bosch, but all of mankind. Bosch Limited will also follow the Bosch global footsteps to become carbon neutral by 2020.

Digitizing India’s framework for improved connectivity and optimized capabilities

The aim of building a connected tomorrow is contingent upon a widespread adoption of digital initiatives. Through proactive steps to reach remote areas and put them on the digital map to ensure better man-machine connectivity through Artificial Intelligence, Bosch is emerging as a key contributor in realizing India’s digital transformation goals. Whether it is integrating superior safety mechanism through our sensor-based surveillance devices such as AVIOTECH, or shaping the technical development of the construction industry with our power tools portfolio, Bosch strives towards securing the present landscape while paving ways for building and maintaining the concept of better India.

Our mission is to digitize processes, upskill internal stakeholders, and devise new innovations and solutions that adhere to the underlined needs of building a truly digital India.

Upgrading lives and tackling environmental challenges through social engagements

Bosch has always taken immense pride in our proactive and impactful contribution to society. Whether it is through empowering people or facilitating a better ecosystem, Bosch strives to stay at the forefront of heralding changes that impact India’s stance from a macro and micro perspective. As an environmentally conscious organization, we take stringent steps to not only reduce our carbon footprints but also enable our surrounding to become cleaner and greener. Our recent engagement with the Lalbagh Garden in Bangalore, wherein we installed aerators in the lake, solar power plants, optimized waste management and parking space resulted in better infrastructural outcomes and lower CO₂ emissions.

To bridge the gap between the increasing number of labour and unemployment in the country, Bosch has undertaken the task to skill employable youth. One of our integral initiatives, BRIDGE gives school dropouts a chance to become job-ready through industry and skill-centric programs.


As we embrace ourselves for worse market conditions in the automotive sector, our efforts may pan across different spheres but collectively, they lead to one core mission- ‘enabling India in its transformation journey’. Through solutions, technologies, ground-level social involvement, knowledge sharing, and leading by example, Bosch Limited is setting the right tone and charting the right framework for a future that will positively impact India’s position as a global power. As a globally leading supplier of technology and services, we will continue to offer beneficial solutions to improve the quality of people’s lives and shape the connected world, both in India and beyond in a smart way.

Best Regards,

Soumitra Bhattacharya

Managing Director, Bosch Limited &
President, Bosch Group, India

Bosch in Figures

*2014-15 represents fifteen months period starting from January 2014 to March 2015
**Re-stated on account of sale of the Starter Motors and Generators business with effect from August 01, 2016 and adoption of Ind AS.

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Bosch Limited Financial Report 2018-19

Financial section, with management report and financial statements


Bosch Annual Report 2018-19

Names, facts, and figures


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