Tellimer

IN : Bosch Ltd - Margin recovery elusive

The 4Q normalised EPS increase of 20% to Rs123 was in line with our estimate. Lower other expenses offset higher raw material costs (+340bp qoq). We maintain our below-consensus EPS estimate, as we expect EBITDA margin pressure to sustain due to limited localisation drive benefits. We reiterate our Reduce rating with P/E-based TP maintained at Rs11,921.


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