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For the
quarter ending March 2022, consolidated net sales (including other operating income) of Bosch has increased 2.96% to Rs 3311 crore compared to quarter ended march 2021. Sales of Automotive products segment has gone down 1.95% to Rs 2,711.90 crore (accounting for 81.16% of total sales). Sales of Others segment has gone up 58.42% to Rs 148.60 crore (accounting for 4.45% of total sales). Sales of Consumer Goods segment rose 34.56% to Rs 480.90 crore (accounting for 14.39% of total sales). Inter-segment sales rose Rs 1.00 crore to Rs 30.40 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 35.59% to Rs 402.90 crore. PBIT of Automotive products segment fell 37.60% to Rs 320.90 crore (accounting for 79.65% of total PBIT). PBIT of Others segment fell 38.95% to Rs 29.00 crore (accounting for 7.20% of total PBIT). PBIT of Consumer Goods segment fell 16.80% to Rs 53.00 crore (accounting for 13.15% of total PBIT). PBIT margin of Automotive products segment fell from 18.60% to 11.83%. PBIT margin of Others segment fell from 50.64% to 19.52%. PBIT margin of Consumer Goods segment fell from 17.82% to 11.02%. Overall PBIT margin fell from 19.44% to 12.06%. Operating profit margin has declined from 19.25% to 13.15%, leading to 29.68% decline in operating profit to Rs 435.30 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.90% to 21.54%. Purchase of finished goods cost rose from 40.82% to 42.10%. Employee cost increased from 3.95% to 7.94%. Other expenses rose from 14.24% to 14.91%. Other income fell 20.94% to Rs 92.6 crore. PBIDT fell 28.29% to Rs 527.9 crore. Provision for interest rose 78.92% to Rs 7.3 crore. Loan funds rose to Rs 72.90 crore as of 31 March 2022 from Rs 53.76 crore as of 31 March 2021. Inventories rose to Rs 1,729.30 crore as of 31 March 2022 from Rs 1,298.48 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,526.70 crore as of 31 March 2022 compared to Rs 1,387.36 crore as of 31 March 2021. Cash and bank balance declined from Rs 2,450.64 crore as of 31 March 2021 to Rs 1,705.60 crore as of 31 March 2022. Investments rose to Rs 5,521.30 crore as of 31 March 2022 from Rs 5,149.57 crore as of 31 March 2021 . PBDT fell 28.89% to Rs 520.6 crore. Provision for depreciation fell 3.13% to Rs 89.2 crore. Fixed assets increased to Rs 1,816.90 crore as of 31 March 2022 from Rs 1,728.41 crore as of 31 March 2021. Profit before tax down 32.59% to Rs 431.40 crore. Share of profit/loss was 66.67% lower at Rs 0.4 crore. Provision for tax was expense of Rs 80.9 crore, compared to Rs 158.04 crore. Effective tax rate was 18.74% compared to 24.65%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 27.37% to Rs 350.90 crore. Equity capital increased from Rs 29.49 crore as of 31 March 2021 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 2022 ,compared to 70.54% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Bosch has increased 21.26% to Rs 11781.6 crore. Sales of Automotive products segment has gone up 19.81% to Rs 10,037.30 crore (accounting for 84.69% of total sales). Sales of Others segment has gone up 35.89% to Rs 549.40 crore (accounting for 4.64% of total sales). Sales of Consumer Goods segment rose 33.21% to Rs 1,265.40 crore (accounting for 10.68% of total sales). Inter-segment sales rose Rs 16.00 crore to Rs 70.50 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 245.39% to Rs 1,472.40 crore. PBIT of Automotive products segment rose 521.10% to Rs 1,268.90 crore (accounting for 86.18% of total PBIT). PBIT of Others segment rose 21.20% to Rs 135.50 crore (accounting for 9.20% of total PBIT). PBIT of Consumer Goods segment fell 38.29% to Rs 68.00 crore (accounting for 4.62% of total PBIT). PBIT margin of Automotive products segment rose from 2.44% to 12.64%. PBIT margin of Others segment fell from 27.65% to 24.66%. PBIT margin of Consumer Goods segment fell from 11.60% to 5.37%. Overall PBIT margin rose from 4.38% to 12.42%. Operating profit margin has jumped from 11.95% to 12.37%, leading to 25.52% rise in operating profit to Rs 1,456.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.67% to 22.98%. Purchase of finished goods cost rose from 36.37% to 39.84%. Employee cost decreased from 9.44% to 8.89%. Other expenses fell from 18.76% to 16.21%. Other income fell 21.38% to Rs 396.2 crore. PBIDT rose 11.32% to Rs 1853.1 crore. Provision for interest rose 106.13% to Rs 28.9 crore. Loan funds rose to Rs 72.90 crore as of 31 March 2022 from Rs 53.76 crore as of 31 March 2021. Inventories rose to Rs 1,729.30 crore as of 31 March 2022 from Rs 1,298.48 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,526.70 crore as of 31 March 2022 compared to Rs 1,387.36 crore as of 31 March 2021. Cash and bank balance declined from Rs 2,450.64 crore as of 31 March 2021 to Rs 1,705.60 crore as of 31 March 2022. Investments rose to Rs 5,521.30 crore as of 31 March 2022 from Rs 5,149.57 crore as of 31 March 2021 . PBDT rose 10.52% to Rs 1824.2 crore. Provision for depreciation fell 5.02% to Rs 324.3 crore. Fixed assets increased to Rs 1,816.90 crore as of 31 March 2022 from Rs 1,728.41 crore as of 31 March 2021. Profit before tax grew 14.57% to Rs 1,499.90 crore. Share of profit/loss was 1.56% higher at Rs 1.3 crore. Provision for tax was expense of Rs 282.9 crore, compared to Rs 84.62 crore. Effective tax rate was 18.84% compared to 14.93%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 152.77% to Rs 1,218.30 crore. Equity capital increased from Rs 29.49 crore as of 31 March 2021 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 2022 ,compared to 70.54% as of 31 March 2021 .
Other Highlights
Board of Directors has recommended a final dividend of Rs
110 per equity share of Rs 10 each. In addition to the final dividend, the
Board has recommended a special dividend of Rs 100 per share of Rs 10 each to
commemorate 100 years of Bosch in India in 2022.
Overall Investments for the FY22 stood at Rs 302 crore.
Management Comments :
Soumitra Bhattacharya, Managing Director, Bosch Limited and
President, Bosch Group, India said “2022 marks 100 years of Bosch in India, and
this significant landmark and heritage was complemented by a positive revenue
growth curve throughout FY 2021-22. Amid the multifaceted challenges faced by
the automotive industry, Bosch’s mobility business demonstrated resilience and
recorded a faster-than-market recovery rate on a par with the all-time high
posted in 2018-19. We will continue to capitalize inorganic opportunities to
expand our digital mobility business by leveraging our Mobility Cloud Platform
and Mobility Marketplace for new-age mobility players while actively growing
our acquisitions and mergers pipeline,”
“We acknowledge and appreciate the various initiatives like
PLI and scrappage policy implemented by the Government of India towards
supporting the auto industry. It is vital to create a clear roadmap to support
the industry to further invest and create a stable environment. While these
policies have provided an impetus for the auto sector to accelerate growth, the
constant changes in regulations have caused challenges for the industry in
working towards achieving the set targets. It is imperative for the Government
of India and the mobility ecosystem to align their vision and insights, and
take steps in the direction of streamlining the auto industry’s future.”
Bhattacharya added.
Speaking about the outlook for the upcoming fiscal year,
Bhattacharya commented: “Bosch Limited is investing in hydrogen-based
technologies – both for mobility and stationary applications. We are in discussion
with customers and partners in India to bring advanced hydrogen-based
powertrain and fuel-cell technologies to the market. With electromobility set
to go mainstream, Bosch has taken the first step towards introducing low-carbon
transportation and aiding the construction of a sustainable and carbon-neutral
mobility ecosystem in India. Having turned carbon neutral (scopes 1 and 2)
globally in 2020, Bosch will continue to shape climate actions beyond its
immediate sphere of influence and systematically induce a 15 percent reduction
in upstream and downstream emissions (scope 3) by 2030.”
| Bosch : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 3,311.00 | 3,215.87 | 2.96 | 11,781.60 | 9,716.23 | 21.26 | | OPM (%) | 13.15 | 19.25 | -610 bps | 12.37 | 11.95 | 42 bps | | OP | 435.30 | 619.03 | -29.68 | 1,456.90 | 1,160.66 | 25.52 | | Other Inc. | 92.60 | 117.12 | -20.94 | 396.20 | 503.97 | -21.38 | | PBIDT | 527.90 | 736.15 | -28.29 | 1,853.10 | 1,664.63 | 11.32 | | Interest | 7.30 | 4.08 | 78.92 | 28.90 | 14.02 | 106.13 | | PBDT | 520.60 | 732.07 | -28.89 | 1,824.20 | 1,650.61 | 10.52 | | Depreciation | 89.2 | 92.08 | -3.13 | 324.3 | 341.44 | -5.02 | | PBT | 431.40 | 639.99 | -32.59 | 1499.9 | 1309.17 | 14.57 | | Share of Profit/(Loss) from Associates | 0.4 | 1.2 | -66.67 | 1.3 | 1.28 | 1.56 | | PBT before EO | 431.8 | 641.19 | -32.66 | 1501.2 | 1310.45 | 14.56 | | EO Income | 0 | 0 | - | 0 | -743.85 | - | | PBT after EO | 431.8 | 641.19 | -32.66 | 1501.2 | 566.6 | 164.95 | | Taxation | 80.9 | 158.04 | -48.81 | 282.9 | 84.62 | 234.32 | | PAT | 350.9 | 483.15 | -27.37 | 1218.3 | 481.98 | 152.77 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 350.9 | 483.15 | -27.37 | 1218.3 | 481.98 | 152.77 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 350.9 | 483.15 | -27.37 | 1218.3 | 481.98 | 152.77 | | EPS (Rs)* | 118.97 | 163.82 | -27.37 | 413.07 | 377.87 | 9.31 | | | * 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 ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Automotive products | 81.16 | 2,711.90 | 2,765.70 | -1.95 | 84.69 | 10,037.30 | 8,378.00 | 19.81 | | Others | 4.45 | 148.60 | 93.80 | 58.42 | 4.64 | 549.40 | 404.30 | 35.89 | | Consumer Goods | 14.39 | 480.90 | 357.40 | 34.56 | 10.68 | 1,265.40 | 949.90 | 33.21 | | Total Reported Sales | 100.00 | 3,341.40 | 3,216.90 | 3.87 | 100.00 | 11,852.10 | 9,732.20 | 21.78 | | Less: Inter segment revenues | | 30.40 | 1.00 | 2,940.00 | | 70.50 | 16.00 | 340.63 | | Net Sales | 100.00 | 3,311.00 | 3,215.90 | 2.96 | 100.00 | 11,781.60 | 9,716.20 | 21.26 | | PBIT | | Automotive products | 79.65 | 320.90 | 514.30 | -37.60 | 86.18 | 1,268.90 | 204.30 | 521.10 | | Others | 7.20 | 29.00 | 47.50 | -38.95 | 9.20 | 135.50 | 111.80 | 21.20 | | Consumer Goods | 13.15 | 53.00 | 63.70 | -16.80 | 4.62 | 68.00 | 110.20 | -38.29 | | Total PBIT | 100.00 | 402.90 | 625.50 | -35.59 | 100.00 | 1,472.40 | 426.30 | 245.39 | | Less : Interest | | 7.30 | 4.10 | 78.05 | | 28.90 | 14.00 | 106.43 | | Add: Other un-allcoable | | 35.80 | 18.60 | 92.47 | | 56.40 | 153.00 | -63.14 | | PBIT Margin(%) | | Automotive products | | 11.83 | 18.60 | -676.26 | | 12.64 | 2.44 | 1,020.33 | | Others | | 19.52 | 50.64 | -3,112.42 | | 24.66 | 27.65 | -298.95 | | Consumer Goods | | 11.02 | 17.82 | -680.22 | | 5.37 | 11.60 | -622.74 | | PBT | 100.00 | 431.40 | 640.00 | -32.59 | 100.00 | 1,499.90 | 565.30 | 165.33 |
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