InCred Equities - Bosch Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	167,271	183,086	201,871	223,090
Operating EBITDA (Rsm)	20,948	23,736	27,351	29,142
Net Profit (Rsm)	15,303	19,132	21,304	22,800
Core EPS (Rs)	518.8	648.5	722.2	772.9
Core EPS Growth	6.5%	25.0%	11.4%	7.0%
FD Core P/E (x)	66.12	52.89	47.50	44.38
DPS (Rs)	375.0	450.0	520.0	550.0
Dividend Yield	1.09%	1.31%	1.52%	1.60%
EV/EBITDA (x)	44.62	39.17	33.92	31.69
P/FCFE (x)	61.62	64.56	68.48	57.77
Net Gearing	(64.0%)	(64.7%)	(63.4%)	(63.3%)
P/BV (x)	8.39	7.97	7.61	7.25
ROE	13.3%	15.5%	16.4%	16.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	167,271	183,086	201,871	223,090
Gross Profit	58,931	65,179	74,087	81,428
Operating EBITDA	20,948	23,736	27,351	29,142
Depreciation And Amortisation	(4,295)	(4,231)	(5,265)	(5,927)
Operating EBIT	16,653	19,506	22,086	23,215
Financial Income/(Expense)	(508)	(200)	(500)	(400)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	6,063	6,548	7,203	7,995
Profit Before Tax (pre-EI)	22,208	25,854	28,789	30,810
Exceptional Items
Pre-tax Profit	22,208	25,854	28,789	30,810
Taxation	(6,905)	(6,722)	(7,485)	(8,011)
Exceptional Income - post-tax
Profit After Tax	15,303	19,132	21,304	22,800
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	15,303	19,132	21,304	22,800
Recurring Net Profit	15,303	19,132	21,304	22,800
Fully Diluted Recurring Net Profit	15,303	19,132	21,304	22,800

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	20,948	23,736	27,351	29,142
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,271)	(1,979)	(3,962)	(3,432)
(Incr)/Decr in Total Provisions	(1,790)	2,162	860	2,046
Other Non-Cash (Income)/Expense	904
Other Operating Cashflow	9,602	485
Net Interest (Paid)/Received	5,555	6,348	6,703	7,595
Tax Paid	(6,905)	(6,722)	(7,485)	(8,011)
Cashflow From Operations	24,043	24,031	23,467	27,341
Capex	(3,268)	(5,793)	(6,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(4,355)	(2,562)	(2,691)	(2,825)
Cash Flow From Investing	(7,623)	(8,356)	(8,691)	(9,825)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(11,063)	(13,275)	(15,340)	(16,225)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(11,063)	(13,275)	(15,340)	(16,225)
Total Cash Generated	5,358	2,400	(564)	1,291
Free Cashflow To Equity	16,421	15,675	14,776	17,516
Free Cashflow To Firm	16,929	15,875	15,276	17,916

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	77,175	82,137	84,264	88,380
Total Debtors	44,289	45,575	50,654	53,560
Inventories	18,934	22,572	25,441	28,727
Total Other Current Assets	10,332	11,365	12,502	13,752
Total Current Assets	150,730	161,650	172,861	184,419
Fixed Assets	17,915	21,503	22,238	23,311
Total Investments
Intangible Assets
Total Other Non-Current Assets	2,877	2,877	2,877	2,877
Total Non-current Assets	20,792	24,380	25,115	26,188
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	38,297	42,976	47,349	51,637
Other Current Liabilities
Total Current Liabilities	38,297	42,976	47,349	51,637
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	14,619	16,081	17,689	19,458
Total Liabilities	52,916	59,057	65,038	71,095
Shareholders Equity	120,632	126,974	132,937	139,512
Minority Interests
Total Equity	120,632	126,974	132,937	139,512

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	12.0%	9.5%	10.3%	10.5%
Operating EBITDA Growth	15.9%	13.3%	15.2%	6.5%
Operating EBITDA Margin	12.5%	13.0%	13.5%	13.1%
Net Cash Per Share (Rs)	2,616.10	2,784.32	2,856.41	2,995.94
BVPS (Rs)	4,089.22	4,304.19	4,506.34	4,729.21
Gross Interest Cover	32.78	97.53	44.17	58.04
Effective Tax Rate	31.1%	26.0%	26.0%	26.0%
Net Dividend Payout Ratio	72.3%	69.4%	72.0%	71.2%
Accounts Receivables Days	44.57	45.25	46.31	47.62
Inventory Days	63.95	64.24	68.57	69.78
Accounts Payables Days	89.16	84.77	87.36	86.21
ROIC (%)	32.1%	34.8%	36.3%	35.0%
ROCE (%)	14.4%	15.8%	17.0%	17.0%
Return On Average Assets	9.5%	10.8%	11.4%	11.4%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg