Bosch Q3 Results Review - Healthy Beat At Profitability: Motilal Oswal

Motilal Oswal Report

Bosch Ltd.'s Q3 FY24 performance was healthy as Ebitda/adjusted profit after tax beat our estimates at Rs 5.8b/Rs 4.7 billion (versus estimate Rs 4.9 billion/Rs 3.8 billion), aided by low raw material costs and high other income.

Bosch remains committed to localisation and it would yield results in the medium term in the form of margin improvement. However, we do not foresee margins recovering above 15% over the next two-three years due to structural changes in the business.

We increase our FY24E/FY25E earning per share by ~8%/4% to account for better gross margins and higher other income. We reiterate our 'Neutral' stance on the stock with a target price of Rs 23,300 (based on ~28 times FY26E EPS).

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