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View Risks →Bosch Limited — Q2 FY25
Bosch Limited reported a strong Q2 FY25 with revenue from operations at INR 4,394 crore, up 64% YoY, driven by broad-based growth across mobility aftermarket, power solutions, and consumer goods.
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Bosch Limited reported a strong Q2 FY25 with revenue from operations at INR 4,394 crore, up 64% YoY, driven by broad-based growth across mobility aftermarket, power solutions, and consumer goods. EBITDA grew 141% YoY to INR 561 crore, with margins expanding 90 bps to 12.8% due to favorable product mix and localization benefits. The automotive industry saw a slight 1% decline, but Bosch outperformed, supported by diesel system sales and export growth of ~10%. Management expects FY25 to mirror FY24 growth trajectory, with cautious optimism on festive demand. Key risks include high passenger vehicle inventory (~70 days) and potential pre-buy volatility ahead of TREM V norms. The company continues to localize components and invest in connected solutions and safety systems.
बॉश लिमिटेड ने Q2 FY25 में मजबूत प्रदर्शन किया। कंपनी की कमाई 4,394 करोड़ रुपये रही, जो पिछले साल से 64% ज्यादा है। यह वृद्धि ऑटो पार्ट्स, बिजली उपकरण और उपभोक्ता सामानों की बिक्री बढ़ने से हुई। कंपनी का मुनाफा (EBITDA) 561 करोड़ रुपये रहा, जो पिछले साल से 141% ज्यादा है। मुनाफे की दर (मार्जिन) 12.8% हो गई, जो पहले से बेहतर है। ऑटो उद्योग में 1% गिरावट आई, लेकिन बॉश ने डीज़ल सिस्टम और निर्यात (10% बढ़ोतरी) के दम पर बेहतर प्रदर्शन किया। कंपनी को त्योहारी सीजन में अच्छी मांग की उम्मीद है। जोखिमों में कारों का ज्यादा स्टॉक (70 दिन) और नए नियमों (TREM V) से पहले खरीदारी में उतार-चढ़ाव शामिल है। बॉश भारत में पार्ट्स बनाने और नई तकनीकों में निवेश जारी रखेगी।
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Read Transcript →Quarter Snapshot
Mobility Aftermarket Growth
88%
+88% YoY
Mobility aftermarket business grew 88% in Q2 FY25 vs Q2 FY24, driven by higher demand for lubricants and diesel systems.
Two Wheeler Business Growth
134%
+134% YoY
Two wheeler business grew 134% in Q2 FY25, driven by higher sales of fuel injectors and exhaust sensors.
Consumer Goods Business Growth
101%
+101% YoY
Consumer goods business grew 101% in Q2 FY25, driven by demand for grinders, drills, and cutters.
Building Technologies Growth
201%
+201% YoY
Building technologies business grew 201% in Q2 FY25, due to execution of orders for video surveillance and communication systems.
What Changed vs Last Quarter
NEW
FY25 CapEx guidance of INR 400 crore
Management guided for full-year CapEx of approximately INR 4,000 million (INR 400 crore), lower than last year due to completion of the auto body campus.
NEW
FY25 growth to mirror FY24 trajectory
Management expects FY25 growth to mirror FY24 levels, with moderate growth for the automotive industry despite high base and inventory buildup.
NEW
TREM V localization readiness
Bosch is well prepared for TREM V norms (April 2026) with higher localization expected from the start, and capacity to handle pre-buy effects.
DROPPED
Full-year growth similar to FY2024
Management expects FY2025 performance to be similar to FY2024, with moderate growth despite election and high base effects.
DROPPED
NOx sensor SOP in April 2025
First localization of exhaust gas treatment component (NOx sensor) will start production in April 2025, with further localization under discussion.
DROPPED
Lambda sensor production to exceed 8 million pieces by 2025
Production of lambda sensors at Bidadi plant will ramp up from 1.2 million in 2021 to over 8 million annually by 2025.
DROPPED
Power Tools India becomes independent region
India is now one of five independent regions within Bosch Power Tools, responsible for SAARC markets, with focus on cordless tools and exports from Chennai plant.
NEW RISK
Export volatility due to global demand
Export growth is lumpy and dependent on global production network demands; near-term visibility is low despite long-term optimism.
NEW RISK
Policy uncertainty on hybrids
No confirmed policy support for hybrids beyond a few states; Bosch's hybrid content opportunity remains uncertain.
RISK GONE
Policy delays in TREM V norms
TREM V implementation for tractors has been postponed, potentially delaying expected content increase and localization benefits.
RISK GONE
Technology transition to EVs and hybrids
Gradual shift from diesel to EVs/hybrids could reduce demand for legacy products; management acknowledges diesel share will decline over time.
RISK GONE
Margin pressure from technology mix shift
Shift from conventional to Common Rail systems increases material costs; localization is critical but timing is uncertain.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY24, Q3 FY24
Shift from conventional to Common Rail systems increases material costs; localization is critical but timing is uncertain.
Mentioned in Q2 FY24, Q3 FY24, Q4 FY24
Management expects moderate growth for FY25, with Q1 impacted by elections and liquidity crunch, but recovery from Q2 onwards.
Mentioned in Q1 FY24, Q2 FY24
Management guided CapEx of INR 3.5 billion for FY24, mainly for localization in Common Rail and exhaust gas treatment.
Mentioned in Q1 FY25, Q4 FY24
First localization of exhaust gas treatment component (NOx sensor) will start production in April 2025, with further localization under discussion.
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Guidance and risk preview
Management guided for full-year CapEx of approximately INR 4,000 million (INR 400 crore), lower than last year due to completion of the auto body c...
Passenger vehicle inventory is around 70 days, posing a risk to production volumes if festive season demand does not clear stocks.
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