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Motilal Oswal Report
Bosch Ltd.'s Q4 FY23 revenue at Rs 40.7 billion was above our estimate of Rs 38.1 billion. However, higher trading content in the mix and raw material pressure resulted in lower-than-estimated Ebitda of Rs 5.2 billion (versus estimate: Rs 5.5 billion).
We expect Bosch to continue to outperform the underlying industry led by content enhancement but doesn't see scope of margins recovering over 15% over next two-three years.
We largely retain our earnings per share for FY24E/25E as we believe growth in auto demand and content increase should be offset by lower margin.
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