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Founded in 1951, Bosch Limited (Bosch or the Company) is Indias leading supplier of
technology and services in the areas of automotive and industrial technology, consumer goods
and building technology. Additionally, the Company also has the largest development centre,
outside Germany, for end to end engineering and technology solutions.
It is the flagship Company of the Bosch Group. The Bosch Group holds 71.18% stake in Bosch
Limited. The Company is headquartered in Bangalore with manufacturing facilities at Bangalore,
Naganathapura (near Bangalore), Nashik, Jaipur and Goa.
Its Automotive Technology division includes Diesel and Gasoline Fuel Injection Systems, Car
Multimedia Systems, Auto Electricals and Accessories, Starters and Generators, Energy and
Body Systems. Its Industrial Technology division includes Packaging Machines, Special Purpose
Machines, Solar Energy and its consumer goods and building Technology division includes
power tools, security system.
Standalone
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Particulars
FY 2010
FY 2011
FY 2012
FY 2013
FY 2015
6,899.40
8,162.06
8,659.07
8,820.06
12,085.48
Expenses
5,628.67
6,647.39
7,309.79
7,529.04
10,104.15
1,270.73
1,514.67
1,349.28
1,291.02
1,981.33
253.97
257.84
366.92
384.20
548.42
Finance Costs
(114.43)
(184.25)
5.52
2.89
14.32
Other income
71.60
132.91
369.23
352.62
565.30
PBT
1,202.79
1,573.99
1,346.07
1,256.55
1,955.85
Tax
343.89
451.43
387.90
371.87
618.20
858.90
1,122.56
958.17
884.68
1,337.65
Associates)
Standalone
Particulars
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FY 2010
FY 2011
FY 2012
FY 2013
FY 2015
18.42
18.56
15.58
14.64
16.39
12.45
13.75
11.07
10.03
11.07
Operating profit margin is a measurement of the proportion of a companys revenue that is left
over after paying for production costs such as raw materials, salaries and administrative costs.
Net profit margin is arrived at by deducting non operating expenses such as depreciation, finance
costs and taxes out of operating profit and shows what is left for the shareholders as a percentage
of net sales. Together these ratios help in understanding the cost and profit structure of the firm
and analysing business inefficiencies
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FY 2010
FY 2011
FY 2012
FY 2013
FY 2015
31.40
31.40
31.40
31.40
31.40
4,066.64
4,697.04
5,541.86
6,262.90
7,315.60
4,098.04
4,728.44
5,573.26
6,294.30
7,347.00
276.39
227.31
181.35
128.90
54.20
1,863.36
1,966.46
1,897.43
2,207.20
2,551.10
208.77
251.78
290.80
478.50
6,237.79
7,130.98
7,903.82
8,921.20
10,430.80
Share Capital
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FY 2010
FY 2011
FY 2012
FY 2013
FY 2015
660.20
912.41
1,280.29
1,394.90
1,243.60
Noncurrent Investments
1,607.30
447.74
449.98
985.00
2,624.60
Current assets
3,752.09
5,210.47
5,692.72
5,979.80
5,926.50
332.76
225.63
262.60
218.90
218.20
227.60
255.20
298.90
417.20
6,237.79
7,130.98
7,903.82
8,921.20
10,430.80
Fixed Assets
Efficiency Analysis
(%)
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Particulars
FY 2010
FY 2011
FY 2012
FY 2013
FY 2015
ROCE
29.05
26.32
27.23
20.10
26.77
ROE / RONW
20.96
20.14
20.26
14.06
18.21
Return on Capital Employed (ROCE) measures a companys profitability from its overall
operations by calculating the return generated on the total capital invested in the business (i.e.
equity + debt). Return on Equity (ROE) or Return on Net worth (RONW) measures the amount
of profit which the company generates on money invested by the equity shareholders. In short,
ROE draws attention to the return generated by the shareholders on their investment in the
business. Together these ratios can be used in comparing the profitability of the company with
other companies in the same industry.
Dividend History
Rate of dividend (of face value)
Rs.
FY 2008
250 %
25.00
FY 2009
300 %
30.00
FY 2010
400 %
40.00
FY 2011
1,350 %
135.00
Year
FY 2012
600 %
60.00
FY 2013
550 %
55.00
* Closing Price as on the date of declaration of final (or last) dividend for the Financial Year.
The Company has maintained an average dividend yield of 1.23 % over the last 5 financial years.
Liquidity and Credit Analysis
Current Ratio
Higher current ratio implies healthier short term liquidity comfort level. A current ratio below 1
indicates that the company may not be able to meet its obligations in the short run. However, it is
not always a matter of worry if this ratio temporarily falls below 1 as many times companies
squeeze out short term cash sources to achieve a capital intensive plan with a longer term
outlook. Boschs average current ratio over the last 5 financial years has been 2.54 times which
indicates that the Company has been maintaining sufficient cash to meet its short term
obligations.
Long Term Debt to Equity Ratio
Companies operating with high debt to equity on their balance sheets are vulnerable to economic
cycles. In times of slowdown in economy, companies with high levels of debt find it increasingly
difficult to service the interest on their borrowings as profit margins decline. We believe that long
term debt to equity ratio higher than 0.6 - 0.8 could affect the business of a company and its
results of operations.
Boschs average long term debt to equity ratio over the last 5 financial years has been 0.04 which
indicates that the Company is operating with a low level of debt.
Interest Coverage ratio
Interest coverage ratio indicates the comfort with which the company may be able to service the
interest expense (i.e. finance charges) on its outstanding debt. Higher interest coverage ratio
indicates that the company can easily meet the interest expense pertaining to its debt obligations.
In our view, interest coverage ratio of below 1.5 should raise doubts about the companys ability
to meet the expenses on its borrowings. Interest coverage ratio below 1 indicates that the
company is just not generating enough to service its debt obligations.
Boschs average interest coverage ratio over the last 5 financial years has been 162.08 times
which indicates that the Company has been generating enough for the shareholders after
servicing its debt obligations.
ownership pattern
(%)
Shareholding
March 2010
March 2011
March 2012
71.18
71.18
71.18
FIIs
5.18
4.97
6.06
DIIs
14.96
13.95
12.71
8.68
9.90
10.05
Promoter
Others
In its latest stock exchange filing dated 31 March 2015, Bosch reported a promoter holding of
71.18 %. Large promoter holding indicates conviction and sincerity of the promoters. We believe
that a greater than 35 % promoter holding offers safety to the retail investors.
At the same time, institutional holding in the Company stood at 19.79 % (FII+DII). Large
institutional holding indicates the confidence of seasoned investors. At the same time, it can also
lead to high volatility in the stock price as institutions buy and sell larger stakes than retail
participants.