BOSCHLTD / Q3-FY24 / claim-ledger

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Bosch · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY24 · 2024-02-12Back to quarter ↗

Questions audited

Answered directly

65%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Pramod Kumar · Research desk

partial

Why did traded goods share drop QoQ despite stable revenue?

Regarding your first question regarding the traded goods, of course, we have a change all the time from quarter to quarter. In general, we are, in principle, going ahead with the localization. Nevertheless, for the next quarters, we do not expect a big change due to the fact that the effects out of our hard localization work will need some time.

Pramod Kumar · Research desk

declined

What is the exposure to CV and tractor segments?

Pramod, we do not split our business results in that category you asked for. I do not go into that right now.

Pramod Kumar · Research desk

partial

Progress in electric two-wheeler and car segments?

We have a good presence in this two-wheeler space right now. We supply to OEMs our hub motors. ... In terms of the passenger car segments, we are in early discussion with OEMs on our passenger car electrification portfolio.

Pramod Kumar · Research desk

direct

Is Bosch willing to accept lower EV margins?

We certainly know in electrification, globally, the margins are going to be lower. But we will not do this to completely spoil everything with regard to our overall margin profile.

Jinesh Gandhi · Research desk

direct

What was the reduction in other expenses from Project House sale?

It is roughly about INR 470 million in the other expenses.

Jinesh Gandhi · Research desk

partial

Was there a forex gain or loss in other expenses this quarter?

If we go from the quarter-over-quarter between 2022 and 2023, we see a decrease coming partially out of the spendings, as just mentioned. And then we had exchange gain, one-time expenses, and the warranty expenses.

Jinesh Gandhi · Research desk

direct

Any update on TREM V norms timeline for tractors?

There is no further update. We believe that the norms are due for 2026 right now. ... In terms of our preparedness to deal with TREM V, we are now fully ready.

Pramod Amte · Research desk

evasive

How does TREM V delay impact capital allocation?

It does impact to some extent. But yeah, since we knew the TREM V delay pretty early on, ... it does not really have a major impact for us right now.

Pramod Amte · Research desk

direct

What was the annualized spend on Project House Mobility?

It's about net INR 1,400 million.

Pramod Amte · Research desk

direct

Outlook for M&HCV segment and capacity planning?

The HCV and the medium commercial vehicle segment has bounced back from its lows. We expect that it will continue to moderately grow in the coming year. ... We expect it to remain flat or maybe have a very small between 3%-5% growth.

Viraj Kacheria · Research desk

partial

What drove the 10% decline in other expenses ex-Project House?

Besides the fact, of course, that we are implementing cost measures to get a better fixed cost absorptions, we have three main topics. ... the customer project. ... The second part is the warranty expenses. ... The third part is ... the revaluation of the payables.

Viraj Kacheria · Research desk

direct

Is Bosch India also slowing new-age business spends like parent?

I would not agree on that because what parent announced is uniquely global or uniquely advanced markets ... In that context, we do not see anything that the parent announced globally as withholding factors for us in India.