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Motilal Oswal Report
Bosch Ltd.'s Q1 FY24 revenues surprised, led by autos, but margins were below est. due to lower gross margins and higher ‘other expenses'. We expect Bosch to continue outperforming the underlying industry, primarily led by content enhancement.
However, we do not foresee margins recovering above 15% over the next two-three years due to structural changes in the business.
We lower our FY24E earnings per share by ~4% to reflect for-
strong content increase, and
lower value add/margins.
We retain our FY25E EPS. We reiterate our 'Neutral' stance on the stock with a target price of Rs 18,500 (based on ~25 times September 25E EPS).
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