Raw material cost as a % of total sales (net of stock adjustments) increased from 22.74% to 23.11%.   Purchase of finished goods cost rose from 31.09% to 41.71%.   Employee cost decreased from 26.70% to 9.47%.   Other expenses fell from 30.74% to 14.98%.   

Other income fell 42.92% to Rs 98.97 crore.  Provision for interest rose 76.80% to Rs 3.2 crore.  

Provision for depreciation fell 7.87% to Rs 67.1 crore.  

Provision for tax was debit of Rs 75.55 crore, compared to credit of Rs 80.07 crore.  Effective tax rate was 22.50% compared to 39.73%.

Minority interest was nil in both the periods.  

Promoters' stake was 70.54% as of 30 June 2021 ,compared to 70.54% as of 30 June 2020 .  

Full year results analysis.

Net sales (including other operating income) of Bosch has declined 1.27% to Rs 9716.23 crore.  Sales of Automotive products segment has gone up 0.51% to Rs 8,378.02 crore (accounting for 86.09% of total sales).  Sales of Others segment has gone down 11.74% to Rs 1,354.24 crore (accounting for 13.91% of total sales).  Inter-segment sales came down from Rs 27.91 crore to Rs 16.03 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 33.35% to Rs 426.34 crore.  PBIT of Automotive products segment fell 58.59% to Rs 204.30 crore (accounting for 47.92% of total PBIT).  PBIT of Others segment rose 51.77% to Rs 222.04 crore (accounting for 52.08% of total PBIT).  

PBIT margin of Automotive products segment fell from 5.92% to 2.44%.  PBIT margin of Others segment rose from 9.54% to 16.40%.  Overall PBIT margin fell from 6.48% to 4.38%.  

Operating profit margin has slumped from 15.07% to 11.95%, leading to 21.75% decline in operating profit to Rs 1,160.66 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.96% to 23.67%.   Purchase of finished goods cost rose from 28.92% to 36.37%.   Employee cost decreased from 13.19% to 9.44%.   Other expenses rose from 18.51% to 18.76%.   

Other income fell 7.79% to Rs 503.97 crore.  Provision for interest rose 37.99% to Rs 14.02 crore.  Loan funds declined from Rs 73.84 crore as of 31 March 2020 to Rs 53.76 crore as of 31 March 2021.  Inventories rose to Rs 1,298.48 crore as of 31 March 2021 from Rs 1,115.93 crore as of 31 March 2020.  Sundry debtors were lower at Rs 1,387.36 crore as of 31 March 2021 compared to Rs 1,413.05 crore as of 31 March 2020.  Cash and bank balance rose to Rs 2,450.64 crore as of 31 March 2021 from Rs 2,256.10 crore as of 31 March 2020.  Investments rose to Rs 5,149.57 crore as of 31 March 2021 from Rs 4,032.71 crore as of 31 March 2020 .  

Provision for depreciation fell 10.92% to Rs 341.44 crore.  Fixed assets declined from Rs 1,829.03 crore as of 31 March 2020 to Rs 1,728.41 crore as of 31 March 2021.  

Profit before tax shrink 20% to Rs 1,309.17 crore.  Extraordinary items were decreased to Rs -743.85 crore.  Provision for tax was expense of Rs 84.62 crore, compared to Rs 334.89 crore.  Effective tax rate was 14.93% compared to 36.42%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 17.54% to Rs 481.98 crore.  

Equity capital stood at Rs 29.49 crore as of 31 March 2021 to Rs 29.49 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 70.54% as of 31 March 2021 ,compared to 70.54% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 715.40 crore for year ended March 2021 from Rs 1,336.12 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 199.83 crore, compared to Rs 435.67 crore during the year ended March 2020.  

Other Highlights

In Q1FY22, Product Sales increased 181% YoY with the Powertrain Solutions division registering an increase of 316% and the TwoWheeler division witnessed an increase of 156% due to a low base in Q1FY21.

Management commentary: Soumitra Bhattacharya, Managing Director, Bosch Limited and President of the Bosch Group in India said "While the industry has shown continued signs of recovery since the second quarter of FY2020-21, the second wave of Covid-19 induced an undeniable pressure on the Indian automotive sector with a surge in infections, localized lockdowns, and lowered demand sentiment. The intensifying second wave proved a challenge for several OE Ms across the country, causing them to cut production or suspend operations,"

"Given the uncertain economic environment, the impending third wave of COVID-19 and unpredictability in the international supply chain, we would like to maintain a cautious business outlook for rest of FY2021-22,"