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%).
neutral
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✓ 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.
50%Questions answered4Evaded / deflected9Questions auditedMixedNumbers vs filing
Answered
Medium priority
Target band for employee cost as % of revenue
Asked by Lakshminarayanan
Provided a clear range of 8%-10% for steady state employee cost ratio.
Read the exchange
Question
I just want to understand, our employee cost has been elevated as a percentage of revenues. What band of employee cost as a percentage of revenue do you normally target at?
Karin Gilges, CFO
In a steady state, depending on product mix, roughly 10%... 8%-10% is a normal figure.
Answered
Low priority
Rental income comparison for nine months
Asked by Lakshminarayanan
Gave a specific YoY growth figure of 6.5% for rental income.
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Question
In the first nine months, what has been our rental income or income from rental properties? And when compared to last year, nine months, how is it?
Karin Gilges, CFO
The rent received was more or less April-December 2024 to April-December 2023, marginally lower... sorry, it's slightly higher by 6.5%.
Answered
Medium priority
Profit contribution and cost of Building Technologies division
Asked by Lakshminarayanan
Provided revenue range and margin percentage for the divested business.
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Question
Regarding this sale of the Building Technologies division, can you just tell me what is the profit contribution they have to the overall Bosch and what kind of cost associated?
Guruprasad Mudlapur, MD and CTO
Revenue that goes out is about INR 400-450 crores. Profit is also quite small. It's 6%.
Evasive
High priority
Impact of European slowdown on manufacturing shift to India
Asked by Lakshminarayanan
Acknowledged the topic but gave no concrete plans or numbers.
no specifics on capacity build-upgeneric process description
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Question
How do you look at it, and what has been any kind of capacity build-up you're actually making to utilize this opportunity for Bosch Global?
Guruprasad Mudlapur, MD and CTO
This is something we constantly assess. India is well integrated into the International Production Network. We are planning several scenarios.
Evasive
Medium priority
Challenges and content per vehicle for gasoline/CNG/flex fuels
Asked by Pramod Amte
Declined to provide specifics on challenges or content per vehicle.
no specific challenges listedcontent per vehicle not quantified
Read the exchange
Question
What are the real challenges your customers face which you resolve in this area of operations? And how does your content per vehicle change here for a supplier like Bosch?
Guruprasad Mudlapur, MD and CTO
It's hard to give a very generic answer on content per vehicle. It depends on several factors... whether we sell a system, a component, etc.
Partial answer
Medium priority
Subsegments driving aftermarket growth and margin reflection
Asked by Pramod Amte
Listed segments but did not quantify growth or explain margin reflection fully.
no breakdown of subsegment growth ratesmargin impact not quantified
Read the exchange
Question
What subsegments of this aftermarket are driving it? Why is it not fully reflecting into your profitability or EBITDA margins?
Guruprasad Mudlapur, MD and CTO
All segments of aftermarket have grown... diesel components, lubricants, filters. The aftermarket business margins have been very steady and good.
Answered
High priority
Reason for sharp gross margin improvement QoQ
Provided multiple specific reasons for the gross margin improvement.
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Question
We have had a sharp improvement in gross margin by around 350 basis points Q1Q. Could you please explain the reason for the same?
Karin Gilges, CFO
It is depending on product mix, carryover effect of RMI and ECI, and improvements on material cost side with RPP measures, engineering, etc.
Answered
High priority
Strategy for EVs, hydrogen, and maintaining tech leadership
Provided specific investment figures and described strategy in detail.
Read the exchange
Question
How does Bosch India plan to leverage its position with the shift towards electric vehicles and alternate fuel technologies like hydrogen?
Guruprasad Mudlapur, MD and CTO
We invest 6%-8% of sales on R&D globally. We have invested over EUR 2.5 billion in fuel cells, EUR 7-8 billion in electrification. We leverage global platforms and local developments.
Answered
Low priority
Reason for sharp decline in Consumer Goods margin
Explained seasonal effect and advised to look at average, implying no structural issue.
Read the exchange
Question
What has led to sharp decline in Consumer Goods margin this quarter? And where do we see the margin heading going forward?
Karin Gilges, CFO
Consumer Goods market has a seasonal effect. In December, dealers look at inventories, so low market. Please look at the average; we don't worry.
Evasive
Low priority
Forex rate for imports and pass-through to OEMs
Did not provide the forex rate or details on pass-through extent.
no specific forex rate givenno quantification of pass-through
Read the exchange
Question
What is the forex rate for import during this quarter? And is forex passed through to the OEMs?
Karin Gilges, CFO
We are doing hedging. In addition, yes, there are clauses in several contracts where we have implemented this as well.
Declined
High priority
Update on consolidating automotive businesses in India
Explicitly declined to provide any update on the consolidation.
refused to share updatedeferred to future
Read the exchange
Question
You had previously mentioned that Bosch is looking at consolidating the automotive businesses in India. Is there any update on the same?
Guruprasad Mudlapur, MD and CTO
I don't want to jump the gun on any information as sensitive as this. If there's any update, we will let you know when the news is allowed to be shared.
Evasive
Medium priority
Nature and continuation of restructuring costs
Did not explain the nature or give a clear answer on continuation.
no specific nature of costsno clarity on continuation
Read the exchange
Question
Can you please explain the nature of the restructuring costs and will this continue for coming quarters also?
Karin Gilges, CFO
We have a portfolio. We have a very good plan to go further ahead with productivity. So you have some time to make some adjustments. But this is not a beginning of everything.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Rental income increased 6.5% YoY in nine months | 6.5% | 6.2% | Matches filing |
| Building Technologies revenue divested ~INR 400-450 cr | ₹450 cr | ₹4,465.7 cr | Understated vs filing |
| Aftermarket expected growth 8%-10% in FY26 | 10% | 6.2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.