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For the
quarter ending Dec 2021, consolidated Net sales (including other operating income) of Bosch has increased 2.62% to Rs 3109.08 crore compared to quarter ended Dec 2020. Sales of Automotive products segment has gone up 2.59% to Rs 2,740.61 crore (accounting for 87.53% of total sales). Sales of Others segment has gone up 38.69% to Rs 169.22 crore (accounting for 5.40% of total sales). Sales of Consumer Goods segment fell 8.89% to Rs 221.27 crore (accounting for 7.07% of total sales). Inter-segment sales rose Rs 6.57 crore to Rs 22.02 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 76.32% to Rs 382.80 crore. PBIT of Automotive products segment rose 168.18% to Rs 386.77 crore (accounting for 101.04% of total PBIT). PBIT of Others segment fell 37.99% to Rs 23.75 crore (accounting for 6.20% of total PBIT). PBIT of Consumer Goods reported loss of Rs 27.72 crore compared to profit of Rs 34.58 crore. PBIT margin of Automotive products segment rose from 5.40% to 14.11%. PBIT margin of Others segment fell from 31.39% to 14.03%. PBIT margin of Consumer Goods segment fell from 14.24% to 12.53%. Overall PBIT margin rose from 7.15% to 12.23%. Operating profit margin has declined from 11.77% to 11.49%, leading to 0.19% rise in operating profit to Rs 357.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.50% to 24.14%. Purchase of finished goods cost rose from 35.82% to 37.61%. Employee cost increased from 7.64% to 9.17%. Other expenses fell from 20.94% to 17.87%. Other income fell 27.87% to Rs 80.3 crore. PBIDT fell 6.48% to Rs 437.66 crore. Provision for interest rose 147.58% to Rs 16.86 crore. PBDT fell 8.76% to Rs 420.8 crore. Provision for depreciation fell 12.20% to Rs 85.1 crore. Profit before tax down 7.84% to Rs 335.70 crore. Share of profit/loss was 70% higher at Rs 0.17 crore. Provision for tax was expense of Rs 100.91 crore, compared to Rs 33.24 crore. Effective tax rate was 30.04% compared to 15.28%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 27.52% to Rs 234.96 crore. Promoters’ stake was 70.54% as of 31 December 2021 ,compared to 70.54% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Bosch has increased 30.31% to Rs 8470.58 crore. Sales of Automotive products segment has gone up 30.52% to Rs 7,325.38 crore (accounting for 86.07% of total sales). Sales of Others segment has gone up 29.06% to Rs 400.74 crore (accounting for 4.71% of total sales). Sales of Consumer Goods segment rose 32.40% to Rs 784.54 crore (accounting for 9.22% of total sales). Inter-segment sales rose Rs 15.02 crore to Rs 40.08 crore. PBIT of Automotive products reported profit of Rs 947.91 crore compared to loss of Rs 310.01 crore. PBIT of Others segment rose 65.49% to Rs 106.49 crore (accounting for 9.96% of total PBIT). PBIT of Consumer Goods segment fell 67.63% to Rs 15.06 crore (accounting for 1.41% of total PBIT). PBIT margin of Automotive products segment rose from negative 5.52% to 12.94%. PBIT margin of Others segment rose from 20.72% to 26.57%. PBIT margin of Consumer Goods segment fell from 7.85% to 1.92%. Overall PBIT margin rose from 3.06% to 12.57%. Operating profit margin has jumped from 8.33% to 12.06%, leading to 88.60% rise in operating profit to Rs 1,021.52 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.07% to 23.50%. Purchase of finished goods cost rose from 34.01% to 39.01%. Employee cost decreased from 12.36% to 9.24%. Other expenses fell from 21.16% to 16.68%. Other income fell 21.52% to Rs 303.61 crore. PBIDT rose 42.72% to Rs 1325.13 crore. Provision for interest rose 117.10% to Rs 21.58 crore. PBDT rose 41.92% to Rs 1303.55 crore. Provision for depreciation fell 5.73% to Rs 235.07 crore. Profit before tax grew 59.67% to Rs 1,068.48 crore. Share of profit/loss was 1,050% higher at Rs 0.92 crore. Provision for tax was debit of Rs 202 crore, compared to credit of Rs 73.42 crore. Effective tax rate was 18.89% compared to 98.43%.Minority interest was nil in both the periods. Promoters’ stake was 70.54% as of 31 December 2021 ,compared to 70.54% as of 31 December 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 73.65% to Rs 404.31 crore (accounting for 4.15% 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 fell 23.57% to Rs 111.82 crore (accounting for 26.23% 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 27.66%. Overall PBIT margin fell from 6.48% to 4.38%. Operating profit margin has declined 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. PBIDT fell 17.99% to Rs 1664.63 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 . PBDT fell 18.28% to Rs 1650.61 crore. 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 down 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
Company
acquired Zeliot Connected Services, which is a Bangalore based B2B start-up
established in 2018 offering connected mobility solutions for vehicle tracking,
fleet management, and telematics offerings to enterprises, urban, school,
employee transport & logistics sectors.
Management Comments :
Soumitra
Bhattacharya, the managing director of Bosch Limited and president of the Bosch
Group in India said “Bosch’s 100-year
journey in India is not just heritage but a significant landmark, which has
punctuated several path-breaking milestones and achievements aligned with ‘Make
in India.’ Over the past decade, we have invested more than INR 8000 crores in
India,”
“Bosch India
will continue its contribution to building an Atmanirbhar Bharat through an
investment of over Rs 1,000 crores for the localization of advanced automotive
technologies in the next five years. An additional Rs 1,000 crores will be put
into expanding digital platforms like Mobility Marketplace and Mobility Could
Platform.” Bhattacharya added.
| Bosch : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,109.08 | 3,029.64 | 2.62 | 8,470.58 | 6,500.36 | 30.31 | 9,716.23 | 9,841.63 | -1.27 | | OPM (%) | 11.49 | 11.77 | -28 bps | 12.06 | 8.33 | 373 bps | 11.95 | 15.07 | -313 bps | | OP | 357.36 | 356.68 | 0.19 | 1,021.52 | 541.63 | 88.60 | 1,160.66 | 1,483.32 | -21.75 | | Other Inc. | 80.30 | 111.32 | -27.87 | 303.61 | 386.85 | -21.52 | 503.97 | 546.56 | -7.79 | | PBIDT | 437.66 | 468.00 | -6.48 | 1,325.13 | 928.48 | 42.72 | 1,664.63 | 2,029.88 | -17.99 | | Interest | 16.86 | 6.81 | 147.58 | 21.58 | 9.94 | 117.10 | 14.02 | 10.16 | 37.99 | | PBDT | 420.80 | 461.19 | -8.76 | 1,303.55 | 918.54 | 41.92 | 1,650.61 | 2,019.72 | -18.28 | | Depreciation | 85.1 | 96.93 | -12.20 | 235.07 | 249.36 | -5.73 | 341.44 | 383.28 | -10.92 | | PBT | 335.70 | 364.26 | -7.84 | 1068.48 | 669.18 | 59.67 | 1309.17 | 1636.44 | -20.00 | | Share of Profit/(Loss) from Associates | 0.17 | 0.1 | 70.00 | 0.92 | 0.08 | 1,050.00 | 1.28 | -0.29 | LP | | PBT before EO | 335.87 | 364.36 | -7.82 | 1069.4 | 669.26 | 59.79 | 1310.45 | 1636.15 | -19.91 | | EO Income | 0 | -146.87 | - | 0 | -743.85 | - | -743.85 | -716.75 | -3.78 | | PBT after EO | 335.87 | 217.49 | 54.43 | 1069.4 | -74.59 | LP | 566.6 | 919.4 | -38.37 | | Taxation | 100.91 | 33.24 | 203.58 | 202 | -73.42 | PL | 84.62 | 334.89 | -74.73 | | PAT | 234.96 | 184.25 | 27.52 | 867.4 | -1.17 | LP | 481.98 | 584.51 | -17.54 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 234.96 | 184.25 | 27.52 | 867.4 | -1.17 | LP | 481.98 | 584.51 | -17.54 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 65.02 | - | | Net profit after discontinued operations | 234.96 | 184.25 | 27.52 | 867.4 | -1.17 | LP | 481.98 | 649.53 | -25.80 | | EPS (Rs)* | 79.66 | 104.65 | -23.88 | 294.10 | 226.92 | 29.61 | 377.87 | 352.71 | 7.13 | | | * EPS is on current equity of Rs 29.49 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Bosch : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Automotive products | 87.53 | 2,740.61 | 2,671.35 | 2.59 | 86.07 | 7,325.38 | 5,612.33 | 30.52 | 86.09 | 8,378.02 | 8,335.22 | 0.51 | | Others | 5.40 | 169.22 | 122.01 | 38.69 | 4.71 | 400.74 | 310.51 | 29.06 | 4.15 | 404.31 | 1,534.32 | -73.65 | | Consumer Goods | 7.07 | 221.27 | 242.85 | -8.89 | 9.22 | 784.54 | 592.54 | 32.40 | | Total Reported Sales | 100.00 | 3,131.10 | 3,036.21 | 3.13 | 100.00 | 8,510.66 | 6,515.38 | 30.62 | 100.00 | 9,732.26 | 9,869.54 | -1.39 | | Less: Inter segment revenues | | 22.02 | 6.57 | 235.16 | | 40.08 | 15.02 | 166.84 | | 16.03 | 27.91 | -42.57 | | Net Sales | 100.00 | 3,109.08 | 3,029.64 | 2.62 | 100.00 | 8,470.58 | 6,500.36 | 30.31 | 100.00 | 9,716.23 | 9,841.63 | -1.27 | | PBIT | | Automotive products | 101.04 | 386.77 | 144.22 | 168.18 | 88.63 | 947.91 | -310.01 | LP | 47.92 | 204.30 | 493.36 | -58.59 | | Others | 6.20 | 23.75 | 38.30 | -37.99 | 9.96 | 106.49 | 64.35 | 65.49 | 26.23 | 111.82 | 146.30 | -23.57 | | Consumer Goods | -7.24 | -27.72 | 34.58 | PL | 1.41 | 15.06 | 46.53 | -67.63 | | Total PBIT | 100.00 | 382.80 | 217.10 | 76.32 | 100.00 | 1,069.46 | -199.13 | LP | 100.00 | 426.34 | 639.66 | -33.35 | | Less : Interest | | 16.86 | 6.81 | 147.58 | | 21.58 | 9.94 | 117.10 | | 14.02 | 10.16 | 37.99 | | Add: Other un-allcoable | | -30.24 | 7.10 | PL | | 20.60 | 134.40 | -84.67 | | 153.00 | 290.19 | -47.28 | | PBIT Margin(%) | | Automotive products | | 14.11 | 5.40 | 871.38 | | 12.94 | -5.52 | 1,846.38 | | 2.44 | 5.92 | -348.05 | | Others | | 14.03 | 31.39 | -1,735.59 | | 26.57 | 20.72 | 584.94 | | 27.66 | 9.54 | 1,812.18 | | Consumer Goods | | -12.53 | 14.24 | -2,676.69 | | 1.92 | 7.85 | -593.30 | | 11.60 | 0.00 | 1,160.30 | | PBT | 100.00 | 335.70 | 217.39 | 54.42 | 100.00 | 1,068.48 | -74.67 | LP | 100.00 | 565.32 | 919.69 | -38.53 |
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