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Auto components major Bosch has reported a 14 per cent increase in its consolidated net profit at Rs 399 crore for the fourth quarter ended March 2023.

The company posted a net profit of Rs 350 crore in the January-March quarter of 2021-22.

Its revenue from operations rose to Rs 4,063 crore in the fourth quarter against Rs 3,311 crore in the year-ago period, Bosch Ltd said in a late-night regulatory filing on Wednesday.

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For the year ended March 2023, the company posted a consolidated net profit of Rs 1,424 crore as against Rs 1,217 crore in FY22.

The revenue from operations increased to Rs 14,929 crore in FY23 from Rs 11,781 crore in FY22.

“2022 was a historic year as we celebrated 100 years of Bosch in India and at the same time it was a year replete with challenges in the market. Despite all odds, we concluded the year with strong performance and positive revenue growth,” Bosch Ltd Managing Director Soumitra Bhattacharya said.

This was primarily fuelled by the solid recovery in the auto market post pandemic, he added.

On the business outlook, he stated: “As we look ahead to the fiscal year 2023-24, we recognise the challenges that lie ahead due to the ongoing uncertainty caused by certain macro factors. Despite these challenges, we remain optimistic about the automotive market, which saw record production volumes in FY 2022-23”.

The company continues to see an increase in content per vehicle due to components supplied for exhaust gas treatment and implementation of BSVI stage 2, Bhattacharya said.

“With this in mind, we expect total revenue from sales to grow around 15 per cent,” he added.

The company said its board has recommended a final dividend of Rs 280 per share for the financial year 2022-23, bringing the total dividend for the year to Rs 480 per share.

Shares of the company were trading 0.55 per cent up at Rs 19,466 apiece on the BSE.