Motilal Oswal's research report on Bosch
BOS’ 1QFY23 performance was a beat on all fronts, led by strong revenue growth. With the easing of supply-chain constraints, it expects PV/LCV volumes to surpass FY18 levels. We expect this outperformance to continue on account of a revival in the CV cycle and an increase in exports, diluted by a weakness in the Tractor cycle. With a margin recovery still awaited, we see no major re-rating catalysts on the anvil.
We maintain our FY23 EPS estimate, but increase our FY24 EPS estimate to factor in a better outlook for the Auto and Aftermarket segment. We maintain our Neutral rating with a TP of ~INR16,150 (25x Sep’24E EPS).
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