Bosch Ltd - Q1FY21 First Cut - ICICI Securities

(CMP: Rs. 13,264; MCap: Rs. 39,116 crore)

Bosch Ltd reported a weak set of overall Q1FY21 results amidst muted OEM volumes for the quarter.

Q1FY21 Earnings Summary

- Net standalone revenues came in at Rs. 992 crore (down 64% YoY), with automotive segment revenues down by 65.6% YoY to Rs. 813 crore. Within the Mobility Solutions business, revenues of powertrain solutions fell by 78.3% YoY while that of 2-W and powersports products grew by double digits. Revenues of ex-Mobility Solutions business fell by 60% YoY

- The company reported loss at EBITDA level of Rs. 103 crore, with automotive EBIT loss was at Rs. 309 crore. All chief cost items rose on percentage of sales basis

- Consequent reported loss at PAT level for the quarter stood at Rs. 121 crore as against profit of Rs. 282 crore in the previous year. Bosch continued to book exceptional charges towards restructuring and transformational projects amid structural and cyclical changes in the automotive sector, which for the quarter was at Rs. 197 crore

- Bosch also announced purchase of minority stake in two companies from where it would purchase solar power going forward in Maharashtra and Karnataka

We continue to hold a cautious stance on Bosch amid its muted growth prospects. We would be coming out with a detailed report soon.

Shares of BOSCH LTD. was last trading in BSE at Rs.13260.95 as compared to the previous close of Rs. 13591.35. The total number of shares traded during the day was 3400 in over 1412 trades.

The stock hit an intraday high of Rs. 13860.55 and intraday low of 13122. The net turnover during the day was Rs. 45526655.

Source : Equity Bulls

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