Bosch 1Q CY 2013

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Please refer to important disclosures at the end of this report 1

Y/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq)Net Sales 2,207 2,295 (3.8) 2,132 3.5EBITDA 382 477 (20.0) 266 43.5

EBITDA Margin (%) 17.3 20.8 (349)bp 12.5 482bp

Adj. PAT 260 336 (22.6) 172 51.0Source: Company, Angel Research

Bosch (BOS) reported better-than-expected results for 1QCY2013, led bysequential expansion of 482bp in operating margins to 17.3% driven by a sharp23.4% qoq decline in other expenditure. However, on a yoy basis theperformance was impacted due to the ongoing slowdown in the automotive

industry. We revise our earnings estimates upwards (by 5.3%/3.6% forCY2013E/14E) to factor in the better-than-expected EBITDA margin performanceduring the quarter led by the cost reduction initiatives undertaken by the companywhich will continue to benefit the company going ahead. While we are positive onthe long term prospects of BOS, current valuations leave limited room for anypotential upside. Hence, we maintain our Neutral rating on the stock.Better-than-expected performance for 1QCY2013: For 1QCY2013, the top-lineposted a decline of 3.8% yoy to `2,207cr as medium and heavy commercialvehicle and tractor segments of the automotive industry, the key drivers of thecompanys performance, witnessed a decline of 39% and 8.5% yoy respectively.As a result, the diesel systems segment of the company posted a decline of 13%yoy. While domestic sales declined 2.5% yoy, export sales posted a decline of

9.5% yoy during the quarter. The EBITDA margin declined by a sharp 349bp yoyto 17.3% as employee and other expenditure as a percentage of sales surged210bp and 180bp yoy, respectively. However, on a sequential basis, EBITDAmargins improved 482bp led by lower other expenditure which benefitted fromthe cost reduction initiatives undertaken by the company. Hence, operating profitgrew by a strong 43.5% qoq to `382cr, significantly higher than our estimates of`258cr. Led by a strong sequential operating performance, the net profit posted abetter-than-expected growth of 51% to `260cr. Nonetheless, it declined 22.6%yoy largely due to contraction in operating margins.

Outlook and valuation:While we are positive on the long term prospects of BOS dueto its technological leadership and strong and diversified product portfolio, we expectthe near-term environment to remain challenging given the continued slowdown inthe domestic automotive industry. The current valuation of 20.3x CY2014E earnings,

leaves limited room for any potential upside. Hence, we maintain our Neutral ratingon the stock.

Key financials (Standalone)Y/E Dec (` cr) CY2011 CY2012E CY2013E CY2014ENet Sales 8,166 8,659 9,821 11,394% chg 18.7 6.0 13.4 16.0

Net Profit 1,066 958 1,173 1,378% chg 24.2 (10.1) 22.4 17.5

EBITDA (%) 18.5 15.6 17.0 17.2EPS (`) 339.6 305.2 373.5 438.7P/E (x) 26.2 29.2 23.9 20.3

P/BV (x) 5.9 5.0 4.3 3.6

RoE (%) 22.6 17.2 18.0 17.9

RoCE (%) 28.0 18.6 20.1 20.6

EV/Sales (x) 3.0 2.8 2.4 2.0

EV/EBITDA (x) 17.0 18.8 14.9 12.3

Source: Company, Angel Research

NEUTRALCMP `8,910

Target Price -

Investment Period -

Stock Info

Sector

Bloomberg Code BOS@IN

Shareholding Pattern (%)

Promoters 71.2

MF / Banks / Indian Fls 14.4

FII / NRIs / OCBs 7.2

Indian Public / Others 7.2

Abs. (%) 3m 1yr 3yr

Sensex (2.5) 12.6 11.1

Bosch (2.4) 2.5 82.4

Face Value (`)

BSE Sensex

Nifty

Reuters Code

Auto Ancillary

Avg. Daily Volume

Market Cap (` cr)

Beta

52 Week High / Low

27,978

0.3

9,590/8,182

1,436

Net Debt (` cr) (2,570)

10

19,504

5,930

BOSH.BO

Yaresh Kothari022-3935 7800 Ext: 6844

[email protected]

BoschPerformance Highlights

1QCY2013 Result Update | Auto Ancillary

April 30, 2013

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Bosch | 1QCY2013 Result Update

April 30, 2013 2

Exhibit 1:Quarterly financial performance (Standalone)Y/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq) CY2012 CY2011 % chg (yoy)Net Sales 2,207 2,295 (3.8) 2,132 3.5 8,659 8,166 6.0Consumption of RM 720 715 0.7 681 5.7 2,846 2,484 14.5(% of sales) 32.6 31.2 32.0 32.9 30.4

Staff costs 286 249 14.9 293 (2.4) 1,037 896 15.7

(% of sales) 13.0 10.9 13.8 12.0 11.0

Purchases of TG 464 526 (11.8) 427 8.5 1,908 1,911 (0.1)

(% of sales) 21.0 22.9 20.0 22.0 23.4

Other Expenses 355 328 8.3 464 (23.4) 1,519 1,363 11.5

(% of sales) 16.1 14.3 21.8 17.5 16.7

Total Expenditure 1,826 1,818 0.4 1,866 (2.2) 7,310 6,654 9.9Operating Profit 382 477 (20.0) 266 43.5 1,349 1,512 (10.8)OPM (%) 17.3 20.8 12.5 38.6 15.6 18.5

Interest - - - 5 (94.6) 6 - -

Depreciation 84 64 31.5 129 (34.8) 367 258 42.3

Other Income 89 67 33.0 113 (21.2) 369 320 15.3

PBT (excl. Extr. Items) 387 480 (19.5) 245 57.9 1,346 1,574 (14.5)Extr. Income/(Expense) - - - - -

PBT (incl. Extr. Items) 387 480 (19.5) 245 57.9 1,346 1,574 (14.5)(% of Sales) 17.5 20.9 11.5 15.5 19.3

Provision for Taxation 127 144 (12.1) 73 74.3 388 451 (14.1)

(% of PBT) 32.8 30.1 29.7 28.8 28.7

Reported PAT 260 336 (22.6) 172 51.0 958 1,122 (14.6)Adj PAT 260 336 (22.6) 172 51.0 958 1,122 (14.6)

Adj. PATM 11.8 14.6 8.1 11.1 13.7

Equity shares (cr) 31.4 31.4 31.4 31.4 31.4

Reported EPS (`) 82.7 106.9 (22.6) 54.8 51.0 305.2 357.5 (14.6)Adjusted EPS (`) 82.7 106.9 (22.6) 54.8 51.0 305.2 357.5 (14.6)


Exhibit 2:1QCY2013 Actual vs Angel estimatesY/E Dec (` cr) Actual Estimates Variation (%)Net sales 2,207 1,983 11.3EBITDA 382 258 47.8

EBITDA margin (%) 17.3 13.0 427bp

Adj. PAT 260 181 43.6Source: Company, Angel Research

Modest growth in top-line, up 5.1% yoy: For 1QCY2013, the top-line posted adecline of 3.8% yoy to `2,207cr as medium and heavy commercial vehicle and

tractor segments of the automotive industry, the key drivers of the companys

performance, witnessed a decline of 39% and 8.5% yoy respectively. As a result,

the diesel systems segment of the company posted a decline of 13% yoy. While

domestic sales declined 2.5% yoy, export sales posted a decline of 9.5% yoy

during the quarter. While the automotive business segment declined by 5.3% yoy;

the non-automotive business segment reported a growth of 11.3% yoy, led by the

security systems business.

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Exhibit 3:Segmental performanceY/E Dec (` cr) 1QCY13 1QCY12 % chg (yoy) 4QCY12 % chg (qoq) CY2012 CY2011 % chg (yoy)RevenueAutomotive 1,903 2,010 (5.3) 1,917 (0.8) 7,726 7,379 4.7Others 306 275 11.3 225 35.9 980 857 14.2

Total 2,209 2,285 (3.3) 2,143 3.1 8,706 8,237 5.7Less: Inter-segment revenue 2 18 11 (84.0) 47 71

Net sales 2,207 2,268 (2.7) 2,132 3.5 8,659 8,166 6.0EBITAutomotive 296 423 (30.2) 121 145.0 1,028 1,278 (19.6)

Others 47 27 73.0 39 21.0 89 79 12.7

Total EBIT 342 450 (23.9) 159 114.9 1,117 1,356 (17.7)Add: Net interest income - - - (5) (105.4) (6) - -

Less: unallocable exp. (45) (30) 48.7 (91) (51.0) (235) (218) 7.8

Total PBT 387 480 (19.4) 245 58.1 1,346 1,574 (14.5)EBIT Margin (%)Automotive 15.5 21.1 (552)bp 6.3 924bp 13.3 17.3 (401)bp

Others 15.3 9.8 546bp 17.2 (189)bp 9.1 9.2 (12)bp

Total 15.5 19.7 7.4 12.8 16.5Source: Company, Angel Research

Exhibit 4:Top-line down 3.8% yoy


Exhibit 5:Segment-wise revenue trend


EBITDA margin recovers sequentially to 17.3%: On the operating front, the EBITDAmargin declined by a sharp 349bp yoy to 17.3% as employee and other

expenditure as a percentage of sales surged 210bp and 180bp yoy respectively.

However, on a sequential basis, EBITDA margins improved 482bp led by lower

other expenditure which benefitted from the cost reduction initiatives undertaken by

the company. Hence, the operating profit grew by a strong 43.5% qoq to `382cr,

significantly higher than our estimates of `258cr. On a yoy basis though, EBITDA

margins contracted by 349bp primarily on account of increase in employee and

other expenditure led largely by fall in the utilization levels.

2,0

86

2,0

60

1,9

91

2,0

29

2,2

95

2,1

74

2,0

54

2,1

32

2,2

07

30.7

21.1

16.4

7.710.0

5.63.1

5.1(3.8)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

1,800

1,8501,900

1,9502,000

2,050

2,1002,150

2,200

2,2502,300

2,350

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

(%)(`cr) Net sales Net sales growth (RHS)

1,845 1,828 1,784 1,8452,010 1,922 1,831 1,917 1,903

227 204 211 212 275 244 231 225306

0

500

1,000

1,500

2,000

2,500

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

(`cr) Automotive revenue Other revenue

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Exhibit 6:EBITDA margin recovers sequentially


Exhibit 7:Better-than-expected growth in bottom-line


Net profit at `260cr: Led by a strong sequential operating performance, net profitposted a better-than-expected growth of 51% to `260cr. Nonetheless, it declined

22.6% yoy largely due to contraction in operating margins.

18.9 18.4 19.3 16.820.8

15.1 13.3 12.517.3

56.7 56.8 54.5 52.7 54.157.4 57.6

52.0 53.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

(%) EBITDA margins Raw material cost/sales

274 279 288 281 336 247 203 172 260

13.2 13.514.5

13.914.6

11.4 9.9

8.1

11.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0

50

100

150

200

250

300

350

400

1QCY11

2QCY11

3QCY11

4QCY11

1QCY12

2QCY12

3QCY12

4QCY12

1QCY13

(%)(`cr) Net profit Net profit margin (RHS)

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Investment arguments

Technology-intensive industry supplemented by high bargaining power: Weestimate BOS to post an ~15% CAGR in its top-line and ~20% CAGR in its

bottom-line over CY2012-14. The company enjoys high margins in the auto

component segment due to strong entry barriers and its dominant position in

the market. Nonetheless, due to decline in utilization levels (~70-75% across

plants) and higher INR depreciation, the company witnessed a significant

290bp contraction in operating margins in CY2012. Going ahead, we expect

the demand environment to improve in 2HCY2013, which will improve

utilization levels and thus the margins. Further, the benefits of cost reduction

initiatives will also accrue to the company in CY2013. As a result, we expect

margins to improve ~140bp in CY2013 to 17%.

Dependent on favorable CV cycle for growth: BOS's prospects are largelyderived from demand arising in the CV and tractor segments, which are

currently witnessing slowdown due to slowdown in the economic activity.

However, with the expected easing of interest rates in CY2013, we are likely to

see recovery in MHCV and tractor demand. Further, greater visibility on newer

growth opportunities is emerging for the company, following its investments in

new and innovative technologies such as CRS and gasoline systems. We

believe the company will continue to enjoy premium valuations, owing to

strong parental focus and increasing long-term growth opportunities in the

Indian market, facilitated by changes in emission norms. Moreover, BOS has

been a consistent performer with strong cash flows in the Indian auto

component industry.

Outlook and valuation

We revise our earnings estimates upwards (by 5.3%/3.6% in CY2013E/14E) to

factor in the better-than-expected EBITDA margin performance during the quarter

led by the cost reduction initiatives undertaken by the company which will continue

to benefit the company going ahead.

Exhibit 8:Change in estimatesY/E December Earlier Estimates Revised Estimates % chg

CY2013E CY2014E CY2013E CY2014E CY2013E CY2014ETotal income (` cr) 9,717 11,092 9,821 11,394 1.1 2.7OPM (%) 16.2 17.0 17.0 17.2 72bp 26bp

EPS (`) 354.7 423.3 373.5 438.7 5.3 3.6Source: Company, Angel Research

While we are positive on the long term prospects of BOS due to its technological

leadership and strong and diversified product portfolio; we expect the near-term

environment to remain challenging for the company given the slowdown in the

MHCV and tractor industry. We estimate BOS to post an ~15% CAGR in itstop-line and ~20% CAGR in its bottom-line over CY2012-14. As a result, we

estimate BOS to post an EPS of `373.5 and `438.7 for CY2013 and CY2014,

respectively. At `8,910, BOS is fairly valued at 20.3x CY2014E earnings. Due to

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limited upside potential from the current levels, we maintain our Neutral rating onthe stock.Exhibit 9:Key assumptionsVolumes (mn units) CY09 CY10 CY11 CY12E CY13E CY14EFuel injection pumps 2.7 3.7 4.4 4.3 4.6 5.2

Nozzles 16.3 21.5 23.0 22.2 24.4 27.4

Auto electrical 1.4 1.5 2.0 2.4 2.5 2.6


Exhibit 10:Angel vs consensus forecastAngel estimates Consensus Variation (%)

CY13E CY14E CY13E CY14E CY13E CY14ETotal op. income (` cr) 9,821 11,394 9,715 11,454 1.1 (0.5)EPS (`) 373.5 438.7 364.9 447.2 2.4 (1.9)


Exhibit 11:One-year forward P/E band


Exhibit 12:One-year forward P/E chart


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan-0

3

Oct-03

Jul-04

May-0

5

Feb-0

6

Dec-0

6

Sep-0

7

Jul-08

Apr-09

Feb-1

0

Nov-1

0

Sep-1

1

Jun-1

2

Apr-13

(`) Share price (`) 12x 16x 20x 24x

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Aug-0

5

May-0

6

Feb-0

7

Nov-0

7

Sep-0

8

Jun-0

9

Mar-10

Dec-1

0

Sep-1

1

Jul-12

Apr-13

(x) One-yr forward P/E Five-yr average P/E

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Exhibit 13:Auto Ancillary Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%)

P/E (x) EV/EBITDA (x) RoE (%) FY13-15E EPSFY14E FY15E FY14E FY15E FY14E FY15E CAGR (%)

Amara Raja Batteries Buy 260 326 25.5 13.1 12.0 8.6 7.5 27.1 23.7 8.4Automotive Axle^ Neutral 286 - - 13.3 9.1 5.2 3.9 11.7 15.8 2.9

Bharat Forge* Neutral 231 - - 15.9 13.3 6.7 5.8 13.6 14.7 18.6

Bosch India# Neutral 8,910 - - 23.9 20.3 14.9 12.3 18.0 17.9 19.9Exide Industries Accumulate 132 146 10.1 17.1 15.0 9.1 7.6 18.0 17.9 23.1

FAG Bearings# Neutral 1,362 - - 15.4 12.4 9.0 6.9 15.5 16.5 6.9

Motherson Sumi* Accumulate 194 222 14.1 15.5 13.1 7.2 6.2 27.5 25.8 23.0

Subros Accumulate 26 30 13.6 4.8 3.5 3.7 3.1 11.1 13.7 49.0

Source: Company, Angel Research; Note: * Consolidated results; # December year end; ^ September year end

Company background

Bosch, promoted by Robert Bosch GmbH, is the largest auto ancillary company in

India and a dominant player in the fuel injection segment with ~75% market

share. The company has a diverse product portfolio of diesel and gasoline fuel

injection systems, automotive aftermarket products, auto electricals, special

purpose machines, packaging machines, electric power tools and security systems.

The automotive segment contributes 90% to BOS' total revenue. The company also

has one of the largest distribution networks of spare parts in the country, with

after-market component sales accounting for ~20% of revenue. BOS has five

manufacturing facilities located at Bangalore, Nasik, Naganathpura, Jaipur and

Goa.

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Profit and loss statement (Standalone)

Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14ETotal operating income 4,996 6,882 8,166 8,659 9,821 11,394% chg 5.3 37.8 18.7 6.0 13.4 16.0Total expenditure 4,183 5,629 6,654 7,310 8,156 9,428Net raw material costs 2,551 3,598 4,395 4,753 5,312 6,147

Other mfg costs 360 432 467 528 594 701

Employee expenses 609 796 896 1,037 1,188 1,385

Other 663 803 896 992 1,062 1,195

EBITDA 813 1,253 1,512 1,349 1,665 1,965% chg (5.1) 54.1 20.6 (10.8) 23.4 18.0

(% of total op. income) 16.3 18.2 18.5 15.6 17.0 17.2

Depreciation & amortization 304 254 258 367 413 465

EBIT 510 999 1,254 982 1,252 1,501% chg (8.0) 96.0 25.5 (21.7) 27.4 19.9


Interest and other charges 1 4 0 6 6 7

Other income 285 207 320 369 406 447

PBT (recurring) 793 1,203 1,574 1,346 1,652 1,940% chg (7.4) 51.6 30.9 (14.5) 22.7 17.5

Extraordinary exp./ (income) 64 - 56 - - -

PBT (reported) 729 1,202 1,518 1,346 1,652 1,940Tax 203 344 451 388 479 563

(% of PBT) 27.8 28.6 29.7 28.8 29.0 29.0

PAT (reported) 591 859 1,123 958 1,173 1,378ADJ. PAT 527 858 1,066 958 1,173 1,378% chg (4.7) 63.0 24.2 (10.1) 22.4 17.5


Basic EPS (`) 188.1 273.5 357.5 305.2 373.5 438.7Adj. EPS (`) 167.7 273.4 339.6 305.2 373.5 438.7% chg (2.9) 63.0 24.2 (10.1) 22.4 17.5

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Balance sheet statement (Standalone)

Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14ESOURCES OF FUNDSEquity share capital 31 31 31 31 31 31Reserves & surplus 3,354 4,067 4,697 5,542 6,496 7,654

Shareholders Funds 3,385 4,098 4,728 5,573 6,527 7,686Total loans 284 276 307 437 437 437

Deferred tax liability (201) (218) (228) (255) (255) (255)

Total Liabilities 3,468 4,156 4,808 5,755 6,709 7,867APPLICATION OF FUNDSGross block 2,865 3,017 3,424 4,121 4,633 5,215

Less: Acc. depreciation 2,358 2,588 2,810 3,177 3,590 4,055

Net Block 507 430 614 944 1,043 1,160Capital work-in-progress 100 224 441 330 371 418

Goodwill 6 6 6 6 6 6

Investments 1,418 1,607 1,606 1,520 1,772 2,078Current assets 2,758 3,752 4,236 4,849 5,544 6,409

Cash 1,068 1,326 951 1,487 1,786 2,101

Loans & advances 556 896 1,153 1,245 1,304 1,458

Other 1,135 1,530 2,132 2,117 2,454 2,849

Current liabilities 1,320 1,863 2,095 1,894 2,028 2,203

Net current assets 1,438 1,889 2,141 2,955 3,516 4,206Total Assets 3,468 4,156 4,808 5,755 6,709 7,867

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Cash flow statement (Standalone)

Y/E Dec. (` cr) CY09 CY10 CY11 CY12E CY13E CY14EProfit before tax 729 1,202 1,518 1,346 1,652 1,940

Depreciation 304 254 258 367 413 465Change in working capital 130 (178) (627) (283) (263) (374)

Others 221 159 223 82 - -

Other income (285) (207) (320) (369) (406) (447)

Direct taxes paid (203) (344) (451) (388) (479) (563)

Cash Flow from Operations 897 886 601 756 917 1,022(Inc.)/Dec. in fixed assets (75) (277) (623) (586) (554) (628)

(Inc.)/Dec. in investments (551) (190) 1 87 (252) (306)

Other income 285 207 320 369 406 447

Cash Flow from Investing (341) (260) (302) (131) (399) (487)Issue of equity (1) - - - - -

Inc./(Dec.) in loans 20 (8) 31 130 - -

Dividend paid (Incl. Tax) 94 110 493 219 219 219

Others (672) (471) (1,197) - - -

Cash Flow from Financing (559) (368) (673) (89) (219) (219)Inc./(Dec.) in cash (3) 258 (374) 536 298 316

Opening Cash balances 1,071 1,068 1,326 951 1,487 1,786Closing Cash balances 1,068 1,326 951 1,487 1,786 2,101

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Key ratios

Y/E Dec. CY09 CY10 CY11 CY12E CY13E CY14EValuation Ratio (x)P/E (on FDEPS) 39.2 26.4 26.2 29.2 23.9 20.3P/CEPS 27.5 21.3 21.1 21.1 17.6 15.2

P/BV 8.3 6.8 5.9 5.0 4.3 3.6

Dividend yield (%) 0.3 0.4 1.5 0.7 0.7 0.7

EV/Sales 5.1 3.6 3.0 2.8 2.4 2.0

EV/EBITDA 31.7 20.2 17.0 18.8 14.9 12.3

EV / Total Assets 7.4 6.1 5.4 4.4 3.7 3.1

Per Share Data (`)EPS (Basic) 227.1 337.2 339.6 305.2 373.5 438.7

EPS (fully diluted) 167.7 273.4 339.6 305.2 373.5 438.7

Cash EPS 323.8 418.1 421.7 422.0 505.0 586.7

DPS 30.0 40.0 135.0 60.0 60.0 60.0

Book Value 1,078 1,305 1,506 1,775 2,079 2,448

Dupont AnalysisEBIT margin 10.6 15.0 15.7 11.5 13.0 13.4

Tax retention ratio 0.7 0.7 0.7 0.7 0.7 0.7

Asset turnover (x) 2.2 2.6 2.4 2.1 2.1 2.1

ROIC (Post-tax) 16.9 28.1 26.9 17.5 19.7 20.2

Cost of Debt (Post Tax) 0.3 1.0 0.1 1.1 1.0 1.2

Leverage (x) (0.6) (0.6) (0.6) (0.5) (0.5) (0.5)

Operating ROE 7.0 10.5 12.0 9.8 10.9 11.0

Returns (%)ROCE (Pre-tax) 15.3 26.2 28.0 18.6 20.1 20.6

Angel ROIC (Pre-tax) 21.2 35.3 32.5 23.0 25.4 26.0

ROE 15.6 20.9 22.6 17.2 18.0 17.9

Turnover ratios (x)Asset Turnover (Gross Block) 1.8 2.3 2.5 2.3 2.2 2.3

Inventory / Sales (days) 42 37 45 47 50 50

Receivables (days) 49 36 38 44 43 43

Payables (days) 61 60 65 59 57 55

WC cycle (ex-cash) (days) 31 25 39 56 59 61

Solvency ratios (x)Net debt to equity (0.7) (0.6) (0.5) (0.5) (0.5) (0.5)

Net debt to EBITDA (2.7) (2.1) (1.5) (1.9) (1.9) (1.9)

Interest Coverage (EBIT / Int.) 428.4 254.3 2,985.8 178.0 199.9 206.3

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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information.

Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Bosch

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

Bosch 1Q CY 2013

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Transcript of Bosch 1Q CY 2013