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Motilal Oswal Report
Bosch Ltd.'s Q4 FY24 performance was operationally weak as revenue/Ebitda came in lower at Rs 42.3 billion/Rs 5.6 billion (estimate Rs 45.7 billion/Rs 6.3 billion). However, higher other income and lower tax led to PAT beat. The management expects FY25 revenue growth to be similar to FY24 levels.
We raise our FY25E/FY26E earnings per share by ~1%/5% to factor in higher other income and lower tax. After the recent run-up, the stock at ~38.5 times/33.2 times FY25E/FY26E EPS appears fairly valued.
We reiterate our Neutral stance on Bosch with a target price of Rs 28,585 (based on ~30 times FY26E earnings per share).
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