BOSCH 2019-20 Annual Report Analysis

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BOSCH 2019-20 Annual Report Analysis
Fri, 23 Oct

BOSCH has announced its results for the year ended March 2020. Let us have a look at the detailed performance review of the company during FY19-20.

BOSCH Income Statement Analysis

  • Operating income during the year fell 18.6% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 64.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 7.8% in FY20 as against 17.8% in FY19.
  • Depreciation charges decreased by 4.7% and finance costs decreased by 23.3% YoY, respectively.
  • Other income declined by 8.2% YoY.
  • Net profit for the year declined by 54.2% YoY.
  • Net profit margins during the year declined from 12.6% in FY19 to 7.0% in FY20.

BOSCH Income Statement 2019-20

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Net Sales Rs m 120,850 98,416 -18.6%
Other income Rs m 5,953 5,466 -8.2%
Total Revenues Rs m 126,803 103,882 -18.1%
Gross profit Rs m 21,542 7,666 -64.4%
Depreciation Rs m 4,022 3,833 -4.7%
Interest Rs m 133 102 -23.3%
Profit before tax Rs m 23,340 9,197 -60.6%
Tax Rs m 7,406 1,901 -74.3%
Profit after tax Rs m 15,934 7,296 -54.2%
Gross profit margin % 17.8 7.8
Effective tax rate % 31.7 20.7
Net profit margin % 12.6 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Discover: India's #1 Defence Stock

BOSCH Balance Sheet Analysis

  • The company's current liabilities during FY20 stood at Rs 37 billion as compared to Rs 32 billion in FY19, thereby witnessing an increase of 13.6%.
  • Current assets rose 9% and stood at Rs 70 billion, while fixed assets rose 2% and stood at Rs 18 billion in FY20.
  • Overall, the total assets and liabilities for FY20 stood at Rs 133 billion as against Rs 127 billion during FY19, thereby witnessing a growth of 5%.

BOSCH Balance Sheet as on March 2020

No. of Mths Year Ending 12 Mar-19* 12 Mar-20* % Change
Networth Rs m 91,178 92,694 1.7
 
Current Liabilities Rs m 32,311 36,690 13.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 127,096 133,200 4.8
 
Current assets Rs m 64,431 70,192 8.9
Fixed Assets Rs m 18,199 18,498 1.6
Total Assets Rs m 127,096 133,200 4.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BOSCH Cash Flow Statement Analysis

  • BOSCH's cash flow from operating activities (CFO) during FY20 stood at Rs 13 billion, an improvement of 125.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY20 stood at Rs -9 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY20 stood at Rs -4 billion, an improvement of 84% on a YoY basis.
  • Overall, net cash flows for the company during FY20 stood at Rs 642 million from the Rs -2 billion net cash flows seen during FY19.

BOSCH Cash Flow Statement 2019-20

Particulars No. of months 12 12 % Change
Year Ending Mar-19 Mar-20
Cash Flow from Operating Activities Rs m 5,932 13,361 125.2%
Cash Flow from Investing Activities Rs m 17,659 -8,729 -
Cash Flow from Financing Activities Rs m -25,308 -3,990 -
Net Cash Flow Rs m -1,717 642 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BOSCH

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 247.4, an decline from the EPS of Rs 540.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 12,029.0, stands at 112.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 3.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 33.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Sales per share (Unadj.) Rs 4,098.0 3,337.3
TTM Earnings per share Rs 540.3 247.4
Diluted earnings per share Rs 522.1 239.1
Price to Cash Flow x 17.8 33.0
TTM P/E ratio x 108.3 112.1
Price / Book Value ratio x 6.4 4.2
Market Cap Rs m 354,735 367,125
Dividends per share (Unadj.) Rs 105.0 105.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BOSCH

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY20, from 2.0x during FY19. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 91.2x during FY20, from 176.5x during FY19. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 7.9% during FY20, from 17.5% during FY20. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 10.0% during FY20, from 25.7% during FY19. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 5.6% during FY20, from 12.6% during FY19. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-19* 12 Mar-20*
Current ratio x 2.0 1.9
Debtors’ Days Days 47 52
Interest coverage x 176.5 91.2
Debt to equity ratio x 0.0 0.0
Return on assets % 12.6 5.6
Return on equity % 17.5 7.9
Return on capital employed % 25.7 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BOSCH has performed over the last 5 years, please visit here.

BOSCH Share Price Performance

Over the last one year, BOSCH share price has moved down from Rs 14,597.2 to Rs 12,029.0, registering a loss of Rs 2,568.2 or around 17.6%.

Overall, the S&P BSE SENSEX is up 4.4% over the year.

(To know more, check out historical annual results for BOSCH and quarterly results for BOSCH)

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For the quarter ended June 2020, BOSCH has posted a net profit of Rs 1 bn (down 143.0% YoY). Sales on the other hand came in at Rs 10 bn (down 64.3% YoY). Read on for a complete analysis of BOSCH's quarterly results.

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