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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,205.2 Cr
verified against source
Revenue YoY
14.9%
reported change
EBITDA
₹461.1 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bosch Limited reported a strong Q3 FY24 with revenue from operations at INR 42,052 million, up 14.9% YoY, driven by 18.5% growth in product sales across powertrain, aftermarket, and two-wheeler segments. EBITDA surged 56.1% YoY to INR 4,611 million, with margins expanding 296 bps to 11.0%, aided by lower other expenses and a one-time reversal of restructuring provisions. PAT grew 62.5% YoY to INR 5,181 million. Management highlighted healthy demand in two-wheelers (up 19% YoY) and commercial vehicles, but flagged election-year uncertainties and global headwinds. Guidance suggests moderate growth ahead, with cautious optimism on electrification and hydrogen ICE pilots. Key risk: potential slowdown in tractor and passenger car segments due to erratic rainfall and high base effects.
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Guidance to track
- Management expects slower market growth in 2024 due to high base, election uncertainties, and erratic rainfall.
- Management indicated Q4 FY24 may be flat or see very small growth.
- Management expects TREM V norms for tractors to be implemented in 2026, with Bosch fully ready.
- Management expects PLI benefits to start flowing in 2024 after audits on domestic value-add.
Risks flagged
- National elections in 2024 may cause demand slowdown, as seen historically.
- Global economic slowdown and Red Sea disruptions could increase logistics costs and impact supply chains.
- Tractor volumes declined 13% YoY due to erratic rainfall; continued weakness could impact overall performance.
- Management acknowledged global electrification margins are low; Indian EV market may face similar pressure as penetration grows.
Key quotes
- We believe, certainly, the two-wheeler commuter segment of scooters will have significant growth in electrification in the coming years.
- We will not do this to completely spoil everything with regard to our overall margin profile.
- We are doing what is required in the Indian market and what the Indian OEMs are asking.
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