Bosch Q4 Review - Margin Challenges Persist: ICICI Securities
The Bosch logo sits illuminated on a wall at the Robert Bosch GmbH digital factory in Stuttgart, Germany. (Photographer: Alex Kraus/Bloomberg)

Bosch Q4 Review - Margin Challenges Persist: ICICI Securities

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ICICI Securities Report

Bosch Ltd.’s Q4 FY21 operating performance missed consensus estimates as adjusted Ebitda margin fell 95 basis points YoY to 14.3%.

Gross margins slipped 745 basis points YoY to 38.6% due to weaker product mix (traded goods share rose to ~71% of raw material cost) and higher commodity costs.

Automotive revenues rose ~47% YoY on the back of mobility division (up 57% YoY) while non-automotive revenues grew ~25%.

We expect growth tailwind of tractor segment to slow down in FY22/23 while lack of diesel growth in passenger vehicles, market share loss in medium and heavy commercial vehicle is likely to keep growth in check.

Click on the attachment to read the full report:

ICICI Securitie Bosch Q4FY21 Results Update.pdf


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