BOSCHLTD · Automobile and Auto Components
Bosch Ltd. reported revenue of ₹4,911 cr for January to March 2025, +16.0% on the year and +10.0% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹18,088 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹647 cr, a margin of 13.2%, +2 bps on the year and +12 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.3% to 13.7%, averaging 12.6%. Operating costs grew +16.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹554 cr, −1.8% on the year and +20.7% on the quarter, with earnings per share of ₹187.67. Profit before other income, one-offs and tax grew faster, at +24.4%; other income, one-offs or tax held the headline back. The tax rate was 29% against an average of 23% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹2,016 cr, −19.1% on the four before.
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.
On earnings per share of ₹683.27 over the last four quarters, the stock at ₹45,600.00 trades at 66.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹99.0 cr, −16.8% on the year.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −1.8% on the year; profit before other income, exceptional items and tax +24.4%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹4,911 cr (+16.0% on the year) and net profit of ₹554 cr (−1.8% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +24.4% on the year, against −1.8% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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