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ICICI Direct Report
Bosch Ltd. is a technology leader providing solutions in automotive, industrial technology, consumer goods, energy and building technology.
The company posted muted Q1 FY22 results.
Within overall net sales decline of 24.1% QoQ, automotive revenue decline was at 22.4% while others segment saw a sharper fall of 34.3%.
Bosch's QoQ margin reading was negatively impacted by exceptionally low employee costs in Q4 FY21 (Rs 135 crore versus usual run rate of Rs 250-300 crore), which have normalised in Q1 FY22.
Encouragingly, gross margins were up ~250 basis points QoQ.
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