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Revenue
₹4,130.1 Cr
verified against source
Revenue YoY
12.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bosch Limited reported Q2 FY24 revenue of INR 4,130 crore, up 12.8% YoY, driven by 11.7% growth in Mobility Solutions and 9.9% in Beyond Mobility. PAT surged to INR 999 crore (vs INR 372 crore YoY), boosted by a one-time gain of INR 605 crore from the sale of Project House Mobility Solutions. Gross margin pressure persisted due to higher traded goods share (material cost at 66.8% of revenue vs 64.9% YoY) and adverse forex. Management emphasized localization as the key remedy, targeting 68% localization in Common Rail and localizing exhaust gas treatment components. CapEx guidance for FY24 is INR 350 crore. Risks include weak export markets (Europe, US) and potential demand moderation from election-year dynamics and erratic monsoons.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided CapEx of INR 3.5 billion for FY24, mainly for localization in Common Rail and exhaust gas treatment.
- Localization of Common Rail and exhaust gas treatment components over the next 4-5 years is expected to improve gross margins.
- Management anticipates moderate growth in FY25 due to election year dynamics, high base, and erratic rainfall.
Risks flagged
- Exports are facing headwinds from weak European and US markets, with negative trends in passenger car injector exports.
- Higher share of traded goods and adverse forex are compressing gross margins; recovery depends on localization which is mid-term.
- Election year dynamics and erratic monsoons could dampen rural sentiment and automotive demand in FY25.
- Management acknowledged difficulty in passing on cost increases to OEMs due to lengthy justification processes, though contracts allow it.
Key quotes
- The real cure for this issue is having much higher localization effort than what we have today, and that is the effort we are putting in.
- We are talking about a mid-term. So we are going ahead, but doing a localization with all the quality releases, with the cross-checks, with the customers releases, et cetera, and this is also quite complex technologies.
- We see a slow but sustained recovery.
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