BOSCHLTD · Automobile and Auto Components
Bosch Ltd. reported revenue of ₹4,205 cr for October to December 2023, — on the year and +1.8% on the quarter.
Operating profit (EBITDA) was ₹578 cr, a margin of 13.7%, — on the year and +186 bps on the quarter.
Net profit was ₹518 cr, — on the year and −48.2% on the quarter, with earnings per share of ₹175.70.
Electronics manufacturing runs on thin margins and large volumes; a small margin move on a large revenue base is a big change in profit, and working capital carries the risk. The quarterly statements do not carry order book, customer concentration and working capital; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 32% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,205 cr | ₹4,233 cr | ₹4,317 cr | ₹4,394 cr | ₹4,466 cr | ₹4,911 cr | ₹4,789 cr | ₹5,969 cr | ₹4,886 cr | ₹5,566 cr | ₹7,167 cr | ₹7,655 cr |
| YoY | — | — | +4% | +6% | +6% | +16% | +11% | +36% | +9% | +13% | +50% | +28% |
| EBITDA margin | 13.7% | 13.2% | 12.0% | 12.7% | 13.1% | 13.2% | 13.3% | 14.1% | 12.5% | 14.0% | 13.7% | 13.5% |
| Other income, % of PBT | 32% | 34% | 29% | 35% | 23% | 30% | 61% | 24% | 28% | 19% | 22% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | ₹130 cr |
| Tax rate | 23% | 15% | 24% | 26% | 26% | 29% | 20% | 25% | 25% | 30% | 25% | 25% |
| Net profit | ₹518 cr | ₹564 cr | ₹466 cr | ₹537 cr | ₹459 cr | ₹554 cr | ₹1,116 cr | ₹708 cr | ₹533 cr | ₹570 cr | ₹812 cr | ₹839 cr |
| YoY | — | — | +14% | −46% | −11% | −2% | +139% | +32% | +16% | +3% | −27% | +19% |
| Core profit YoY | — | — | +25% | +24% | +4% | +24% | +27% | +52% | +7% | +21% | +55% | +25% |
| EPS | ₹175.70 | ₹191.23 | ₹158.10 | ₹181.97 | ₹155.53 | ₹187.67 | ₹378.42 | ₹240.17 | ₹180.58 | ₹193.26 | ₹275.85 | ₹284.97 |
| Flags | 1 | 1 | ✓ | 1 | 1 | 1 | 2 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bosch Ltd. reported revenue of ₹4,205 cr (— on the year) and net profit of ₹518 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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