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Motilal Oswal Report
Bosch Ltd.'s Q1 FY25 performance was weak as Ebitda/profit after tax came in lower than expected at Rs 5.2 billion/Rs 4.7 billion (estimate: Rs 5.99 billion/Rs 5.4 billion), due to a higher import mix and other expenses (warranty provision).
While the management focuses on boosting localization in the long term, it expects a rise in imports in the interim due to the transition to common rail systems.
We cut our FY25E/26E EPS by ~8%/7% to reflect moderate demand in underlying industries and higher operating expenses.
At ~44 times/37.2 times FY25E/FY26E earnings per share, the stock appears fairly valued. We reiterate our Neutral stance on the stock with a target price of Rs 29,540 (based on ~32 times June-26E EPS).
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