For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Bosch has increased 17.32% to Rs 4158.4 crore compared to quarter ended June 2022. Sales of Automotive products segment has gone up 16.53% to Rs 3,623.20 crore (accounting for 86.98% of total sales). Sales of Others segment has gone up 39.17% to Rs 167.00 crore (accounting for 4.01% of total sales). Sales of Consumer Goods segment rose 17.75% to Rs 375.40 crore (accounting for 9.01% of total sales). Inter-segment sales rose Rs 3.60 crore to Rs 7.20 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 4.28% to Rs 485.20 crore. PBIT of Automotive products segment fell 6.09% to Rs 396.50 crore (accounting for 81.72% of total PBIT). PBIT of Others segment rose 24.90% to Rs 30.60 crore (accounting for 6.31% of total PBIT). PBIT of Consumer Goods segment rose 212.37% to Rs 58.10 crore (accounting for 11.97% of total PBIT).
PBIT margin of Automotive products segment fell from 13.58% to 10.94%. PBIT margin of Others segment fell from 20.42% to 18.32%. PBIT margin of Consumer Goods segment rose from 5.83% to 15.48%. Overall PBIT margin fell from 13.11% to 11.65%.
Operating profit margin has declined from 12.68% to 11.25%, leading to 4.12% rise in operating profit to Rs 467.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.49% to 21.50%. Purchase of finished goods cost fell from 44.10% to 42.58%. Employee cost decreased from 7.64% to 7.53%. Other expenses rose from 15.08% to 16.99%. Other income rose 231.10% to Rs 187.4 crore. PBIDT rose 29.51% to Rs 655.3 crore. Provision for interest rose 755.56% to Rs 30.8 crore.
PBDT rose 24.30% to Rs 624.5 crore. Provision for depreciation rose 42.13% to Rs 92.1 crore.
Profit before tax grew 21.66% to Rs 532.40 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 123.5 crore, compared to Rs 103.5 crore. Effective tax rate was 23.18% compared to 23.65%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 22.51% to Rs 409.30 crore. Promoters’ stake was 70.54% as of 30 June 2023 ,compared to 70.54% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Bosch has increased 26.72% to Rs 14929.3 crore. Sales of Automotive products segment has gone up 28.68% to Rs 12,916.10 crore (accounting for 86.14% of total sales). Sales of Others segment has gone up 22.92% to Rs 675.30 crore (accounting for 4.50% of total sales). Sales of Consumer Goods segment rose 10.91% to Rs 1,403.40 crore (accounting for 9.36% of total sales). Inter-segment sales came down from Rs 70.50 crore to Rs 65.50 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 24.30% to Rs 1,825.80 crore. PBIT of Automotive products segment rose 24.61% to Rs 1,581.20 crore (accounting for 86.60% of total PBIT). PBIT of Others segment fell 2.27% to Rs 129.00 crore (accounting for 7.07% of total PBIT). PBIT of Consumer Goods segment rose 70.00% to Rs 115.60 crore (accounting for 6.33% of total PBIT).
PBIT margin of Automotive products segment fell from 12.64% to 12.24%. PBIT margin of Others segment fell from 24.03% to 19.10%. PBIT margin of Consumer Goods segment rose from 5.37% to 8.24%. Overall PBIT margin fell from 12.39% to 12.18%.
Operating profit margin has declined from 12.41% to 12.10%, leading to 23.55% rise in operating profit to Rs 1,806.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.98% to 21.69%. Purchase of finished goods cost rose from 39.84% to 42.03%. Employee cost decreased from 8.85% to 7.60%. Other expenses rose from 16.21% to 16.68%. Other income rose 21.08% to Rs 473.2 crore. PBIDT rose 23.03% to Rs 2279.9 crore. Provision for interest fell 58.13% to Rs 12.1 crore. Loan funds declined from Rs 72.90 crore as of 31 March 2022 to Rs 53.20 crore as of 31 March 2023. Inventories rose to Rs 1,902.90 crore as of 31 March 2023 from Rs 1,729.30 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,902.90 crore as of 31 March 2023 compared to Rs 1,534.30 crore as of 31 March 2022. Cash and bank balance rose to Rs 2,057.10 crore as of 31 March 2023 from Rs 1,705.60 crore as of 31 March 2022. Investments declined from Rs 5,521.30 crore as of 31 March 2022 to Rs 5,017.60 crore as of 31 March 2023.
PBDT rose 24.32% to Rs 2267.8 crore. Provision for depreciation rose 18.90% to Rs 385.6 crore. Fixed assets increased to Rs 2,096.80 crore as of 31 March 2023 from Rs 1,816.90 crore as of 31 March 2022.
Profit before tax grew 25.49% to Rs 1,882.20 crore. Share of profit/loss was 7.69% lower at Rs 1.2 crore. Provision for tax was expense of Rs 457.9 crore, compared to Rs 282.9 crore. Effective tax rate was 24.31% compared to 18.84%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 17.01% to Rs 1,425.50 crore.
Equity capital stood at Rs 29.50 crore as of 31 March 2023 to Rs 29.50 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 70.54% as of 31 March 2023 ,compared to 70.54% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 1,213.70 crore for year ended March 2023 from Rs 268.50 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 641.00 crore, compared to Rs 461.30 crore during the year ended March 2022.
Management Comments :
Guruprasad Mudlapur, Managing Director,
Bosch and President of Bosch Group in India. said “We are optimistic about the
future as we navigate a rapidly changing global market with positive trends in
the Indian automotive industry which is witnessing a shift towards premium
vehicles and cleaner fuel options and electrification. Hence, embracing change
is crucial and we are ready to leverage technological advances to cater to the
evolving consumer preferences,”.
“With India emerging as a promising market
and our focus on green hydrogen and innovative automotive offerings, Bosch is
well-positioned for growth and success in the year ahead.”
Speaking about the outlook for the upcoming
fiscal year, Mudlapur commented, “Bosch is poised to embrace the transformative
changes ahead of us. Cleaner fuels, green hydrogen and electrification take
center stage in our commitment to a climate-neutral future. Bosch India will
showcase the BS6 stage 2 hydrogen engine truck, by early 2024. This is also exemplified
by the successful launch of our first hydrogen-powered demonstrator vehicle in
India in June 2023 which comes after the announcement about the launch of the
pilot Hydrogen Engine Testing infrastructure in Bengaluru later last year.”
“At Bosch India, we are fostering a culture
of inclusivity, collaboration, and continuous learning for our associates’
success. By investing in our people, we aim to enhance their capabilities and
maintain our position at the forefront of the industry. Exciting times lie
ahead as we navigate the evolving landscape of the India market,” Mudlapur
added