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, a...
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
68%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will Bosch localize components for TREM V?
Asked by Jinesh Gandhi, Ambit Private Ltd
Management gave a general assurance but no concrete details on localization strategy or components.
vague timelineno specific localization plan
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Question
given that TREM finance as of now to be implemented from April 2026. Can you talk about how do we plan to localize components for TREM finance?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we have quite well prepare to handle the assignment for TREM localization, and we can expect much higher level of localization for 2025 starting from the beginning itself.
Partial answer
High priority
Is the decline in cost of goods due to localization or mix?
Asked by Jinesh Gandhi, Ambit Private Ltd
Acknowledged both factors but did not quantify the impact of each.
no quantificationattributed to mix without specifics
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Question
we have seen a good decline in share of credit goods. Is it because of the full benefit of localization is now reflecting in 2Q numbers, or it's also to do with lower contribution of CVs?
Karin Gilges, CFO, Bosch
It's a mix. This month, we had favorable product mix on the one side. But, of course, we are going ahead with the localization, and step by step, we see what we implement here in India.
Answered
Medium priority
Is localization ramp-up complete or more benefits to come?
Asked by Jinesh Gandhi, Ambit Private Ltd
Clearly stated localization is ongoing and not complete.
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Question
wouldn't be fair to say that the ramp up of localization is now totally done, or there will be some more benefit coming as volumes go up as well?
Karin Gilges, CFO, Bosch
it is an ongoing process. We are looking all the time into our portfolio, where can we localize, what can we localize. So, it is not finished and done.
Answered
High priority
What is the CapEx guidance for FY2025?
Asked by Jinesh Gandhi, Ambit Private Ltd
Provided specific CapEx guidance of INR 4,000 million.
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Question
first half CapEx was roughly about INR 100 crores. Any guidance for full year CapEx? Usually, we spend between INR 5 crores- INR 600 crores.
Karin Gilges, CFO, Bosch
we have also this year a decent amount, roughly INR 4,000 million. And it is a little bit lower compared to last year, because the auto body campus is now finished.
Partial answer
Medium priority
How prepared is Bosch for tractor pre-buy and TREM V transition?
Asked by Pramod
Gave general confidence but no concrete plans or numbers.
no specific capacity detailsgeneric assurance
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Question
I wanted to know your preparedness as the industry on a high base, looking for a double digit growth in the second half. And also looking at if the pre buying comes through again... How will you be prepared to handle in the short term?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we are surely equipped very well to handle the pre-buy effects. We have, we always have discussions on topics like this together with our audience.
Partial answer
Medium priority
What is Bosch's role in hybrid vehicles in India?
Asked by Pramod
Acknowledged discussions but did not quantify content or provide examples.
no specific content per vehicleno case studies
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Question
there seems to be a policy favoritism for hybrids. Wanted to know, how does Bosch play a role in terms of content per vehicle when the existing ICE engines go for hybrid?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we are in discussion with several OEMs on hybrids. While some are quite active and have a couple of models already in the market, and others are still in early trying phase.
Answered
High priority
Will Bosch revisit its growth expectation for FY2025?
Asked by Gokul
Provided a clear growth expectation: mirror 2024 rates.
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Question
Given that first half is gone, and there have been some changes in the underlying automotive market. What you want to just revisit your growth expectation for FY 2025?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we see today, the indicators are that 2025 is likely to mirror 2024 growth rates. There can be ups and downs, and we well prepared to handle that.
Answered
High priority
What is the outlook for the CV industry in H2?
Asked by Gokul
Clearly stated CV industry expected to remain muted.
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Question
could you please comment on the underlying CV industry, because first half has been fairly weak for both the major OEMs. What are you seeing on the trends and interactions with your customers on the outlook for the industry for second half?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
CV industry, we expected to remain muted or where things are right now. I think that's the current expectation also from.
Evasive
Medium priority
What is the outlook for exports in the near term?
Asked by Gokul
Did not answer near-term outlook; pivoted to long-term strategy.
reframed to long-termno near-term outlook
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Question
on exports front, while the external environment has been very muted and due to the geopolitical conditions, are you seeing things pick up over there? And what's the outlook for the near term of the next six to 12 months for the exports business?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we don't look at exports on very short term basis. That's not planning our exports as well. We consider exports as a longer term opportunity.
Answered
Medium priority
What was export growth in H1 versus last year?
Asked by Gokul
Provided specific growth figure of roughly 10%.
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Question
What would be the export growth in H1 versus last year's H1?
Karin Gilges, CFO, Bosch
we see a growth of roughly 10% if we compare the previous year to this year.
Partial answer
Medium priority
What will drive growth in the PV segment despite weak industry?
Listed broad trends but no specific growth drivers or numbers.
no specific drivers quantified
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Question
we have indicated about good growth in the PV segment, despite underlying industry being weak. What will drive this growth?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
the PV segment is connected to quite a lot, connected to what happens in our cities, disposable incomes, trend towards feminization, more affordability, GDP growth in general.
Partial answer
Low priority
What components does Bosch supply for two-wheeler safety systems?
Mentioned division but did not specify which components are supplied.
no specific components listed
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Question
we indicated safety systems for two wheelers. What to be the components on two wheeler systems? Are safety are in the listed entity?
Guruprasad Mudlapur, Managing Director and CTO, Bosch
we have our two wheeler division, which offers some components in to this market, while majority of the safety systems go from our sister company RBIC.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Export growth roughly 10% YoY in H1 | 10% | 64% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.