Healthy beat at profitability

11 Mar 2024
5 Min read 
  • Bosch's 3QFY24 results showed a healthy beat at profitability.
  •  The company's focus on localization is expected to bear fruit in the next 4-5 years.
  •  EBITDA margin reached an 11-quarter high of 13.8% in 3QFY24.
  •  Revenue, EBITDA, and adjusted PAT rose YoY in 3QFY24 and for 9MFY24.
  •  The mobility business revenue grew 17% YoY, driven by growth in consumer goods and building technologies.
  •  The company's EPS estimates for FY24 and FY25 have been increased by 8% and 4% respectively.
  •  Bosch's stock trades at a discount and there are no material catalysts for a re-rating, leading to a neutral rating with a TP of INR23,300.
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