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Result Review
Bosch – 4QCY2010
For 4QCY2010, Bosch reported better-than-expected 29.5% yoy (10% qoq) top-line growth
to `1,884cr (est. `1,729cr), aided by a robust 35% yoy jump in the auto segment’s revenue
and a 24% increase in non-auto revenue. EBITDA margin came in 233bp below our estimate
at 16.4%, a decline of 75bp yoy and 335bp qoq. While raw-material cost during the quarter
declined by 604bp yoy, a significant 871bp increase in purchase of traded goods led to
contraction in EBITDA margin. However, led by strong top-line growth, net profit increased
by 33% yoy (down 10.8% qoq) to `211cr.
At `5,985, the stock is trading at 19x CY2011E and 17.7x CY2012E earnings. We maintain
our positive outlook on the company and shall release a detailed note on the result
update shortly.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Review
Bosch – 4QCY2010
For 4QCY2010, Bosch reported better-than-expected 29.5% yoy (10% qoq) top-line growth
to `1,884cr (est. `1,729cr), aided by a robust 35% yoy jump in the auto segment’s revenue
and a 24% increase in non-auto revenue. EBITDA margin came in 233bp below our estimate
at 16.4%, a decline of 75bp yoy and 335bp qoq. While raw-material cost during the quarter
declined by 604bp yoy, a significant 871bp increase in purchase of traded goods led to
contraction in EBITDA margin. However, led by strong top-line growth, net profit increased
by 33% yoy (down 10.8% qoq) to `211cr.
At `5,985, the stock is trading at 19x CY2011E and 17.7x CY2012E earnings. We maintain
our positive outlook on the company and shall release a detailed note on the result
update shortly.
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