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Subdued HCV demand
View Risks →Bosch Limited — Q3 FY25
Bosch Limited reported Q3 FY25 revenue of INR 4,465.7 crore, up 6.2% YoY, driven by Mobility Aftermarket (+8.8%), Two-Wheeler (+23.9%), and Consumer Goods (+8.8%).
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Bosch Limited reported Q3 FY25 revenue of INR 4,465.7 crore, up 6.2% YoY, driven by Mobility Aftermarket (+8.8%), Two-Wheeler (+23.9%), and Consumer Goods (+8.8%). EBITDA grew marginally by 0.7% YoY to INR 582.6 crore, as revenue mix shifted toward engineering services. PAT margin declined to 10.3% from 12.3% due to a INR 47.1 crore restructuring provision. Management expects aftermarket growth of 8-10% in FY26 and highlighted OBD-II ramp-up for two-wheelers as a near-term catalyst. Risks include subdued HCV demand, potential trade conflicts, and elevated employee costs. The company continues to invest in electrification and hydrogen technologies, leveraging global R&D.
बॉश लिमिटेड ने तीसरी तिमाही (अक्टूबर-दिसंबर 2024) में 4,465.7 करोड़ रुपये की कमाई की, जो पिछले साल से 6.2% ज़्यादा है। यह बढ़ोतरी मुख्य रूप से ऑटो पार्ट्स की मरम्मत (+8.8%), दोपहिया वाहनों (+23.9%) और उपभोक्ता सामान (+8.8%) की बिक्री से हुई। कंपनी का मुनाफा (EBITDA) 582.6 करोड़ रुपये रहा, जो सिर्फ 0.7% बढ़ा, क्योंकि कमाई का ज़्यादा हिस्सा इंजीनियरिंग सेवाओं से आया। शुद्ध मुनाफा (PAT) 10.3% रह गया, जो पहले 12.3% था, क्योंकि कंपनी ने 47.1 करोड़ रुपये पुनर्गठन के लिए अलग रखे। प्रबंधन को अगले साल मरम्मत बाजार में 8-10% बढ़ोतरी की उम्मीद है। दोपहिया वाहनों में OBD-II नियम लागू होने से फ़ायदा होगा। जोखिमों में भारी वाहनों की कम मांग, व्यापार विवाद और बढ़ती मज़दूरी लागत शामिल हैं। कंपनी इलेक्ट्रिक और हाइड्रोजन तकनीक में निवेश जारी रखेगी।
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Read Transcript →Quarter Snapshot
Mobility Aftermarket Growth
8.8%
+8.8% YoY
Mobility Aftermarket business grew 8.8% YoY in Q3, driven by diesel systems, batteries, and lubricants.
Two-Wheeler Business Growth
23.9%
+23.9% YoY
Two-Wheeler business grew 23.9% YoY due to higher exhaust gas sensor sales and OBD-II ramp-up.
Employee Cost as % of Revenue
~10%
N/A
CFO indicated steady-state employee cost is around 10% of revenue, currently elevated due to project closures.
Building Technologies Revenue Divested
INR 400 Cr
N/A
Building Technologies business being sold has annual revenue of about INR 400 crore with ~6% EBIT margin.
What Changed vs Last Quarter
NEW
Aftermarket growth target of 8-10% for FY26
Management expects the Mobility Aftermarket division to grow at 8-10% in FY26, driven by diesel components, lubricants, and filters.
NEW
OBD-II implementation for two-wheelers from April 2025
Ramp-up of OBD-II norms for two-wheelers is on track for April 2025, with Bosch supplying exhaust gas sensors and engine management systems.
NEW
Restructuring provision of INR 47.1 crore in Q3
A one-time restructuring provision of INR 47.1 crore was booked in Q3 to improve competitiveness in the Mobility business; further adjustments may follow.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Subdued HCV demand
Heavy commercial vehicle demand remains weak due to mining/construction slowdown and rising vehicle costs, impacting Bosch's powertrain solutions.
NEW RISK
Elevated employee costs
Employee costs as a percentage of revenue are elevated due to project closures; management targets 10% steady-state but current levels are higher.
NEW RISK
Uncertainty on TREM V implementation
Management had no update on TREM V implementation date, which remains April 2026, but any delay could impact product planning.
NEW RISK
Potential trade conflicts and tariff risks
New U.S. policies and China export pressures could create uncertainties for global trade, affecting Bosch's export-oriented segments.
RISK GONE
High passenger vehicle inventory
Passenger vehicle inventory is around 70 days, posing a risk to production volumes if festive season demand does not clear stocks.
RISK GONE
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.
RISK GONE
Policy uncertainty on hybrids
No confirmed policy support for hybrids beyond a few states; Bosch's hybrid content opportunity remains 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 Q2 FY25, Q4 FY24
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.
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.
Fast read
Guidance and risk preview
Management expects the Mobility Aftermarket division to grow at 8-10% in FY26, driven by diesel components, lubricants, and filters.
Heavy commercial vehicle demand remains weak due to mining/construction slowdown and rising vehicle costs, impacting Bosch's powertrain solutions.
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