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Motilal Oswal Report
Bosch Ltd.' Q1 FY23 performance was a beat on all fronts, led by strong revenue growth. With the easing of supply-chain constraints, it expects passenger vehicle/light commercial vehicle volumes to surpass FY18 levels.
We expect this outperformance to continue on account of a revival in the commercial vehicle cycle and an increase in exports, diluted by a weakness in the tractor cycle.
With a margin recovery still awaited, we see no major re-rating catalysts on the anvil.
We maintain our FY23 earnings per share estimate for Bosch, but increase our FY24 EPS estimate to factor in a better outlook for the auto and aftermarket segment.
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