Bosch – Consistent Performer
We rate Bosch a BUY. Headquartered in Bangalore, Bosch Ltd is the flagship of the Bosch Group subsidiaries in India, engaged in supplying technology and services. Founded in 1951, the company is India’s largest auto component manufacturer and also one of the largest Indo–German company in India. Bosch Group holds close to 70% stake in Bosch Limited. Manufactures and trades in all three major business sectors including Automotive Technology, Industrial Technology and Consumer Goods & Building Technology through its facilities at Bangalore, Nash, Jaipur and Goa. During Q3 2009, standalone net sales increased by 2% y-o-y to INR12,968 million. Standalone PAT stood at INR1,948 million, recording growth of 23% over Q3 2008.
Investment Highlights
Expanded network in India. Bosch is represented by five other group companies in India including Robert Bosch Engineering and Business Solutions Ltd, Bosch Rexroth India Ltd, Bosch Chassis Systems India Ltd, Bosch Automotive Electronics India Private Ltd and Bosch Electrical Drives India Private Ltd. These companies are engaged in providing engineering & technology solutions for all the business sectors of automotive technology, industrial
technology, consumer goods & building technology for various automotive applications such as window lift drive, wiper system, engine cooling fans etc.
Future plan of action. The company has clear strategies to expand and grow in the future; its strategies include extending the product portfolio relevant to the low price vehicle segment, increase the lifecycle of the existing portfolio to meet some of the next levels of legislation, increase the depth of localization and increase in competencies across business sectors to take advantage of the potential in the Indian market.
Consistent performance. Bosch witnessed an overall growth of around 6.1% in sales during FY08 with growth primarily coming in the first three quarters of 2008. Good growth in automotive aftermarket division, power tools division and security technology divisions helped off-set some of the sharp slowdown seen in the automotive OE market in the fourth quarter. The company invested close to INR2,100 million during the year mainly in Common Rail System
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