BOSCHLTD / Q4-FY24 / claim-ledger

Audit the questions that mattered.

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

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WatchQ4-FY24 · 2024-04-26Back to quarter ↗

Questions audited

Answered directly

58%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Gokul Maheshwari · Research desk

direct

Role and products of Bosch in hybrid technology in India.

We have a full range of products for the hybrid market. So we offer the hybrid energy batteries. We have systems which are for different classes of hybrids. We have from P1 to P4, all classes of hybrids catered to within our product technology. And this, we are offering also to the Indian OEMs.

Gokul Maheshwari · Research desk

partial

Difficulty justifying localization investments given low volumes and gross margin lows.

We've always believed in localization for the Indian market, and with or without a subsidy regime... we've done substantial amount of localization for the Indian OEMs. In some product classes, we are nearly 90%-95% localized.

Gokul Maheshwari · Research desk

evasive

Should gross margins trend up over 2-3 years due to localization?

Without giving you a guidance, let's say, of course, whenever you have a localization, we are not doing localization because of localization, but in the end, of course, we would also like to see the result in our figures.

Gokul Maheshwari · Research desk

partial

Feedback on related party transaction creating negative perception.

We are looking at an overall portfolio restructuring internally. And this is done, not just in India, but also at Bosch globally... Keep tuned, and we will let you know how this develops.

Jinesh Gandhi · Research desk

partial

Ramp-up status of new CV localization facility.

We had a very good ramp-up of the line of the assembly and testing. Meanwhile, we had last year... a ramp-up of the component business. We are going ahead with the localization of third-party suppliers also.

Jinesh Gandhi · Research desk

direct

SOP timing for EGT localization and whether at Bosch Limited.

We expect the SOP, the start of production, in April 2025. Because you have to understand that these are quite complex lines, but it's on the way. It's decided, it's ordered, SOP, April 2025.

Jinesh Gandhi · Research desk

direct

TREM V implementation timeline and capacity needs.

The current indication is April 2026 for TREM V introduction. We hope that standard does not get pushed. ...capacity is available. ...we will start with a fairly good level of localization here.

Jinesh Gandhi · Research desk

partial

Why EBITDA margin improvement small despite localization and divestment benefits.

We see an improvement, of course, coming from the EBIT improvement... with a little bit more depreciations, mainly coming out of the Adugodi campus here. You see an increase in the operating profit by 4.6%.

Lakshminarayanan · Research desk

partial

Export mix and new initiatives for exports.

Exports, currently for FY 2022, 2023, 2024, stood at 8.1%, overall of our total net sales. And we are working on increasing this over the coming years.

Viraj · Research desk

declined

Will portfolio realignment involve businesses leaving or entering listed entity?

I would not speculate at this point of time on anything. These are portfolio discussions that are currently ongoing, and we will keep you updated as things develop.

Viraj · Research desk

partial

Guidance for FY2025 on growth, CapEx, and R&D.

On average, we've had a CapEx of between INR 400-600 crore... this is something that will continue. ...the growth of FY 2023-2024 is something that we are looking forward to also in the upcoming year.

Viraj · Research desk

direct

Why other expenses dropped YoY and if Project House losses are reflected.

We have a lower spending, related to the new business, which we hived off. On the other side, we also put in place cost measures, which are sustainable. ...we were in March 2024, on a 14.7%, comparable in 2023, 16.8%.