Sustained high traded goods mix pressuring margins
Traded goods as a percentage of revenue increased to 54.4% from 51.3% last year, and management expects this to persist until localization ramps up over 2-4 years.
BOSCHLTD / Q1-FY24 / risks
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Bosch · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Sluggish two-wheeler export market and entry-level demand
Two-wheeler exports remain sluggish and entry-level domestic demand is weak, which could impact Bosch's two-wheeler business growth.
Uncertainty in EV order wins and eAxle portfolio alignment
Bosch is still aligning its global eAxle portfolio to local requirements, and management declined to provide market share or revenue projections, indicating early stage and competitive risk.