Bosch Ltd

Embracing Change and Driving Sustainable Growth

Dear Shareholders,

I feel deepLy priviLeged to share my first communication with you as the newly appointed Chairman of the Board of Directors of Bosch Limited from Aug 2, 2023. Having been associated with your company for over 28 years and nearly 7 years as MD and CEO, it is a pleasure to reconnect in my new role. I have stepped into this role from our previous Chairman Mr. Markus Bamberger, to whom I would like to express gratitude for his leadership and dedication for steering this organization. Furthermore, I wish to acknowLedge the significant contributions of Mr. Bhaskar

Bhat, Lead Independent Director (up to March 31, 2024) who completed his second term and retired during the fiscal year, Mr. Karsten Mueller who resigned as Whole-time Director of the company (till Sep 1, 2023) to take up new responsibilities with our parent Robert Bosch GmbH, Germany, and Mr. S.V. Ranganath, Independent Director who will complete his second term with effect from the closing hours of June 30, 2024. While Ms. Filiz Albrecht stepped down from the Board on April 15, 2023, we had Mr. Stefan Grosch joining the Board on May 10, 2023.

Mr. Grosch is a Member of the Global Board of Management and

amongst many of his roles, he is also responsible for Region India. We owe our deepest gratitude to all of them for their unique insights and expertise to our boardroom, contributing to robust decision-making and good governance practices. Their collective wisdom has been invaluable, and we are deeply appreciative of their services to your company. As we look ahead, I am confident in the capabilities of our re-constituted board and management team.

Their diverse backgrounds and proven track records ensure that we are well-positioned to capitalize on emerging trends and deliver sustainable growth for our shareholders.

The overall global business environment has been very chaUenging with high inflation and geopolitical tensions both with a continued Ukraine War and the recent Middle East Conflict in this fiscaL year.

The Indian economy in the fiscal year 2023-24 displayed a resilient performance amidst global uncertainties and domestic challenges. Economic activity rebounded very well following the pandemic-induced slowdown, supported by robust domestic demand, structural reforms, and accommodative monetary policy. Key sectors such as manufacturing, services, and agriculture showed resilience, contributing to a broad-based recovery. The government's initiatives in infrastructure development, digital transformation, and healthcare bolstered long-term growth prospects. However, inflationary pressures, particularly in food and fuel prices, posed challenges to inflation management. Looking ahead, sustained reforms, investment in human capital, and enhancing productivity will be crucial for achieving sustainable and inclusive growth in the coming years. The elections are

an affirmation for the continuity of long-term reforms.

Under these conditions your company has performed remarkably well under capable leadership team the MD and CTO Mr. Guruprasad Mudlapur leads, and augurs well for our future.

I am sure you will join me in wishing him and the team the very best for the future.

Bosch Limited has successfully put strategy into practice, while continuing to build on our high level of innovativeness - also in relation to our continued focus on research and development through appropriate spends on reliability and quality and on our broad and diversified portfolio through our local presence and support from the Bosch global presence in India. Our actions are based on the Bosch values which are lived:

While the Bosch Group sales revenue rose by 3.8 percent in 2023, to 91.6 billion euros. Adjusted for exchange-rate effects, the increase was 8.0 percent. Strong growth in the mobility, industrial technology, and especially energy and building technology business sectors contrasts with declining sales revenue in consumer goods. As forecast, the main reason for the rise in sales revenue in industrial technology was the impact of the first-time consolidation of newly acquired companies. All business sectors show a significantly positive result for 2023. Industrial technology and energy and building technology performed especially well.

Your company's overall Net sales witnessed growth of 12 percent in 2023-24 vs. PY. Mobility business (viz. Automotive sector) revenues increased by 11.1 percent vs PY, while the Business Beyond Mobility increased by 17.7 percent vs PY. Domestic Mobility Business witnessed increase of 12.7 percent vs PY, mainly driven by growth in Power Solutions division by 13 percent vs PY, aided by growth in the overall automotive market.

To actively shape the transformation your company is going through, a committed and effective management team and an engaged work force across all our locations continue to be the strength of Bosch who have repeatedly endorsed their pride to work for Bosch. Your company's fundamental vision remains to create an environment that fosters people's passion and enables them to contribute to the company's long-term success. It is guided by a positive view of human nature, Bosch values, and strives for excellence which is reflected in our 4^th year of being a Great Place to Work.

Deep roots in societal engagement seen through our CSR interventions, which are nationally engaging and locally

relevant, empowering individuals and uplifting communities.

The company's efforts in environmental sustainability include conserving water through rejuvenation, planting and maintaining trees. In education, your company supported government schools, benefiting numerous students and teachers through provision of mid-day meal schemes, need for basic infra support towards Anganwadi's, training students in IT skills. Sustainability is an integral part of corporate culture for Bosch. With its more than 400 locations worldwide, the Bosch Group has been carbon neutral overall since 2020 (scope 1 & 2). Bosch is continually striving for improvement in all its areas of activity as part of its commitment to the environment and climate. Sustainalytics, a global leader in ESG ratings has reassessed Bosch Limited. I'm pleased to share with you all that the company's scores have improved, dropping from 8.5 in 2022 to 6.5 in 2024. Bosch's sustainability commitment is driven by our "Invented for Life" ambition.

None of our achievements would have been possible without the steadfast support of our stakeholders—employees, customers, partners, and communities. Your trust and commitment have been the cornerstone of our success, and we remain dedicated to upholding the highest standards of corporate responsibility and transparency.

In conclusion, I thank each of you, our shareholders, for your continued confidence in your company. Together, we embark on a new chapter filled with promise and opportunity, driven by a shared commitment to excellence and value creation.