BOSCH 2019-20 FINANCIAL STATEMENT

ANALYSIS
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

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 12 12 %
months Change
 Mar-
Year Ending Mar-19
20
Cash Flow from Operating
Rs m 5,932 13,361 125.2%
Activities
Cash Flow from Investing Activities Rs m 17,659 -8,729 -
Cash Flow from Financing -
Rs m -3,990 -
Activities 25,308
Net Cash Flow Rs m -1,717 642 -

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

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
MINDA CORPORATION FINANCIALS

5-Yr
12 12 12 12 12
No. of Mths Chart
Mar- Mar- Mar- Mar- Mar-
Year Ending
17* 18* 19* 20* 21* Click to
enlarge

MINDA CORPORATION EQUITY SHARE DATA

R
High 144 229 206 142 111  
s

R
Low 86 94 106 56 53  
s

Sales per
R
share 91.8 122.7 136.7 97.8 99.0
s
(Unadj.)

Earnings
R
per share 5.6 6.2 6.2 -9.3 2.0
s
(Unadj.)

Diluted
R
earnings 4.8 5.4 5.9 -8.9 2.0
s
per share

Cash flow
R
per share 8.3 9.7 10.1 -5.5 6.0
s
(Unadj.)

Dividends
R
per share 0.50 0.60 0.70 0.35 0.65
s
(Unadj.)

Adj.
R
dividends 0.43 0.52 0.66 0.33 0.65
s
per share

Dividend
% 0.4 0.4 0.4 0.4 0.8
yield (eoy)

Book value
R
per share 29.9 35.4 52.7 42.8 47.9
s
(Unadj.)
 MINDA CORPORATION EQUITY SHARE DATA

Adj. book
R
value per 26.0 30.8 49.8 40.7 47.9
s
share

Shares
207.9 207.9 226.2 227.2 239.0
outstandin m  
8 8 3 2 8
g (eoy)

Price /
x 1.2 1.3 1.1 1.0 0.8  
Sales ratio

Avg P/E
x 20.6 26.1 25.0 -10.6 39.9
ratio

P/CF ratio
x 13.7 16.6 15.4 -17.9 13.7
(eoy)

Price /
Book x 3.8 4.6 3.0 2.3 1.7
Value ratio

Dividend
% 9.0 9.7 11.2 -3.7 31.8  
payout

R
Avg Mkt 23,82 33,60 35,29 22,45 19,49
s  
Cap 4 4 2 5 7
m

Total R
wages/sala s 3,714 4,413 5,092 3,566 3,827  
ry m

MINDA CORPORATION INCOME DATA

R
19,09 25,52 30,92 22,22 23,67
Net Sales s
2 0 0 6 9
m

R
Other
s 405 163 355 426 332  
income
m

Total R 19,49 25,68 31,27 22,65 24,01  

revenues s 7 3 5 2 1
 MINDA CORPORATION INCOME DATA

R
Gross
s 1,920 2,754 3,116 -816 1,793
profit
m

R
Depreciatio
s 577 738 883 866 936  
n
m

R
Interest s 302 397 507 413 388  
m

R
Profit -
s 1,446 1,782 2,081 801  
before tax 1,669
m

R
Minority
s 0 0 0 0 0  
Interest
m

Prior R
Period s 0 0 0 0 0  
Items m

Extraordin R
ary Inc s 0 0 0 0 0  
(Exp) m

R
Tax s 288 496 669 454 312  
m

R
Profit after -
s 1,158 1,286 1,412 489
tax 2,123
m

Gross
profit % 10.1 10.8 10.1 -3.7 7.6
margin

Effective
% 19.9 27.8 32.1 -27.2 39.0  
tax rate
 MINDA CORPORATION INCOME DATA

Net profit
% 6.1 5.0 4.6 -9.6 2.1
margin

MINDA CORPORATION BALANCE SHEET DATA

Current Rs 11,28 14,49 15,25 14,86

7,839  
assets m 7 3 7 2

Current
Rs 10,02 10,71 11,67 10,28
liabilitie 7,145  
m 1 1 5 7
s

Net
working
% 3.6 5.0 12.2 16.1 19.3
cap to
sales

Current
x 1.1 1.1 1.4 1.3 1.4
ratio

Inventor Day
31 28 28 33 33
y Days s

Debtors Day
72 82 65 64 68
Days s

Net
Rs
fixed 7,640 9,224 9,927 8,011 8,419  
m
assets

Share Rs
416 416 453 454 478  
capital m

"Free"
Rs 11,46 10,96
reserve 5,803 6,937 9,280  
m 0 3
s

Net Rs 11,91 11,44

6,219 7,353 9,734  
worth m 3 1
 MINDA CORPORATION BALANCE SHEET DATA

Long
Rs
term 1,837 2,804 1,456 1,150 933  
m
debt

Total Rs 15,47 20,51 24,42 23,26 23,28

assets m 9 1 0 8 1

Interest
coverag x 5.8 5.5 5.1 -3.0 3.1  
e

Debt to
equity x 0.3 0.4 0.1 0.1 0.1
ratio

Sales to
assets x 1.2 1.2 1.3 1.0 1.0  
ratio

Return
on % 9.4 8.2 7.9 -7.3 3.8
assets

Return
on % 18.6 17.5 11.9 -21.8 4.3
equity

Return
on % 21.7 21.5 19.4 -11.5 9.6
capital

Exports
% 4.3 5.3 6.1 7.1 2.2  
to sales

Imports
% 1.5 5.1 5.1 7.5 6.4  
to sales

Exports Rs
826 1,348 1,880 1,581 525  
(fob) m

Imports Rs
278 1,305 1,571 1,678 1,524  
(cif) m
 MINDA CORPORATION BALANCE SHEET DATA

Fx Rs
879 1,443 2,062 1,745 638  
inflow m

Fx Rs
311 1,441 1,717 1,768 1,545  
outflow m

Rs
Net fx 567 2 345 -23 -907  
m

MINDA CORPORATION CASH FLOW

From Rs
484 699 2,094 4,504 855
Operations m

From Rs - - - - -
Investments m 1,699 2,002 4,019 1,371 1,742

From
Rs -
Financial 674 1,221 2,033 652
m 2,490
Activity

Net Rs
-426 -83 110 644 -416
Cashflow m
ENDURANCE TECHNOLOGIES FINANCIALS

5-Yr
12 12 12 12 12
No. of Mths Chart
Mar- Mar- Mar- Mar- Mar-
Year Ending
16* 17* 18* 19* 20* Click to
enlarge

ENDURANCE TECHNOLOGIES EQUITY SHARE DATA

R
High NA 770 1,422 1,579 1,237  
s

R
Low NA 518 767 1,065 570  
s

Sales per
R 1,101 369.
share 442.4 533.9 491.8
s .7 0
(Unadj.)

Earnings
R
per share 68.3 23.5 27.8 35.2 40.2
s
(Unadj.)

Diluted
R
earnings 21.4 23.5 27.8 35.2 40.2
s
per share

Cash flow
R
per share 123.7 44.1 50.6 61.9 69.7
s
(Unadj.)
 ENDURANCE TECHNOLOGIES EQUITY SHARE DATA

Dividends
R
per share 7.38 2.50 4.00 5.50 5.50
s
(Unadj.)

Adj.
R
dividends 2.31 2.50 4.00 5.50 5.50
s
per share

Dividend
% NM 0.4 0.4 0.4 0.6
yield (eoy)

Book
value per R 122.
329.8 154.5 182.3 213.7
share s 9
(Unadj.)

Adj. book
R 122.
value per 103.1 154.5 182.3 213.7
s 9
share

Shares
140. 140.6 140.6 140.6
outstandin m 43.96  
66 6 6 6
g (eoy)

Price /
Sales x 0 1.7 2.5 2.5 1.8  
ratio

Avg P/E
x 0 27.4 39.4 37.6 22.5
ratio

P/CF ratio
x 0 14.6 21.6 21.3 13.0
(eoy)

Price /
Book
x 0 5.2 7.1 7.3 4.2
Value
ratio

Dividend
% 10.8 10.6 14.4 15.6 13.7  
payout

Avg Mkt R 0 90,5 153,9 185,9 127,0  

Cap s
 ENDURANCE TECHNOLOGIES EQUITY SHARE DATA

m 69 77 56 89

Total R
5,45
wages/sal s 4,823 5,809 6,527 6,773  
5
ary m

ENDURANCE TECHNOLOGIES INCOME DATA

R
48,43 51,90 62,23 75,10 69,17
Net Sales s
1 5 5 5 7
m

R
Other
s 352 291 235 270 476  
income
m

R
Total 48,78 52,19 62,47 75,37 69,65
s  
revenues 3 6 0 5 3
m

R
Gross 11,08 11,30
s 6,773 7,583 9,009
profit 0 8
m

R
Depreciatio
s 2,432 2,905 3,216 3,762 4,143  
n
m

R
Interest s 490 322 235 257 175  
m

R
Profit
s 4,203 4,646 5,793 7,331 7,465  
before tax
m

R
Minority
s 0 0 0 0 0  
Interest
m

Prior R
Period s 0 0 0 0 0  
Items m

Extraordin R 0 0 0 0 0  
ary Inc s
 ENDURANCE TECHNOLOGIES INCOME DATA

(Exp) m

R
Tax s 1,199 1,343 1,886 2,381 1,810  
m

R
Profit after
s 3,005 3,303 3,908 4,950 5,655
tax
m

Gross
profit % 14.0 14.6 14.5 14.8 16.3
margin

Effective
% 28.5 28.9 32.6 32.5 24.2  
tax rate

Net profit
% 6.2 6.4 6.3 6.6 8.2
margin

ENDURANCE TECHNOLOGIES BALANCE SHEET DATA

Current Rs 13,42 16,01 21,50 21,65 21,47

 
assets m 2 6 1 5 6

Current
Rs 13,75 14,01 17,57 17,84 15,64
liabilitie  
m 9 9 1 3 4
s

Net
working
% -0.7 3.8 6.3 5.1 8.4
cap to
sales

Current
x 1.0 1.1 1.2 1.2 1.4
ratio

Inventor Day
21 17 18 17 17
y Days s

Debtors Day
45 54 57 45 35
Days s
 ENDURANCE TECHNOLOGIES BALANCE SHEET DATA

Net
Rs 19,20 18,90 21,79 25,89 28,90
fixed  
m 0 7 2 4 3
assets

Share Rs
176 1,407 1,407 1,407 1,407  
capital m

"Free"
Rs 14,32 15,88 20,32 24,24 28,65
reserve  
m 2 7 2 0 4
s

Net Rs 14,49 17,29 21,72 25,64 30,06

 
worth m 8 3 9 7 0

Long
Rs
term 4,163 3,422 3,803 3,464 4,021  
m
debt

Total Rs 32,62 34,92 43,29 47,54 50,37

assets m 2 3 3 9 8

Interest
coverag x 9.6 15.4 25.6 29.5 43.6  
e

Debt to
equity x 0.3 0.2 0.2 0.1 0.1
ratio

Sales to
assets x 1.5 1.5 1.4 1.6 1.4  
ratio

Return
on % 10.7 10.4 9.6 11.0 11.6
assets

Return
on % 20.7 19.1 18.0 19.3 18.8
equity

Return
on % 25.1 24.0 23.6 26.1 22.4
capital
 ENDURANCE TECHNOLOGIES BALANCE SHEET DATA

Exports
% 2.9 0 0 0 0  
to sales

Imports
% 6.3 0.2 6.7 5.8 4.7  
to sales

Exports Rs
1,395 0 0 0 0  
(fob) m

Imports Rs
3,027 85 4,171 4,342 3,285  
(cif) m

Fx Rs
1,396 1,612 1,705 1,436 1,206  
inflow m

Fx Rs
3,574 85 4,171 4,342 3,285  
outflow m

Rs - - - -
Net fx 1,527  
m 2,178 2,466 2,906 2,079

ENDURANCE TECHNOLOGIES CASH FLOW

R
From 6,98 5,37 7,42 8,98 10,11
s
Operations 3 1 1 3 4
m

From R - - - -
Investment s 5,08 3,60 4,35 7,25 -6,706
s m 6 7 5 2

From R - - -
Financial s 1,14 1,22 -236 1,67 -2,576
Activity m 1 4 3

R
Net 2,83
s 756 540 352 832
Cashflow 0
m

ENDURANCE TECHNOLOGIES Share Price Performance

Over the last one year, ENDURANCE TECHNOLOGIES share price has moved up

from Rs 888.7 to Rs 1,653.7, registering a Gain of Rs 765.1 or around 86.1%.
Overall, the S&P BSE SENSEX is up 38.1% over the year.

MOTHERSON SUMI FINANCIALS

5-Yr
12 12 12 12 12
No. of Mths Chart
Mar- Mar- Mar- Mar- Mar-
Year Ending
16* 17* 18* 19* 20* Click to
enlarge

MOTHERSON SUMI EQUITY SHARE DATA

R
High 396 386 493 359 163  
s

R
Low 206 241 301 128 49  
s

Sales per
R
share 276.4 296.4 266.3 201.2 201.2
s
(Unadj.)

Earnings
R
per share 12.4 14.2 10.1 6.3 3.9
s
(Unadj.)

Diluted
R
earnings 5.2 6.3 6.7 6.3 3.9
s
per share

Cash
flow per R
20.6 21.7 17.6 12.8 12.7
share s
(Unadj.)
 MOTHERSON SUMI EQUITY SHARE DATA

Dividend
s per R
2.50 2.00 2.25 1.50 1.50
share s
(Unadj.)

Adj.
R
dividends 1.05 0.89 1.50 1.50 1.50
s
per share

Dividend
yield % 0.8 0.6 0.6 0.6 1.4
(eoy)

Book
value per R
33.2 58.9 46.9 34.7 35.7
share s
(Unadj.)

Adj. book
R
value per 13.9 26.2 31.3 34.7 35.7
s
share

Shares
1,322. 1,403. 2,105. 3,157. 3,157.
outstandi m  
88 53 29 93 93
ng (eoy)

Price /
Sales x 1.1 1.1 1.5 1.2 0.5  
ratio

Avg P/E
x 24.3 22.1 39.4 38.7 27.0
ratio

P/CF
ratio x 14.6 14.4 22.6 19.0 8.3
(eoy)

Price /
Book
x 9.1 5.3 8.5 7.0 3.0
Value
ratio

Dividend
% 20.2 14.1 22.3 23.9 38.3  
payout
 MOTHERSON SUMI EQUITY SHARE DATA

R
Avg Mkt 398,2 440,0 835,6 768,3 333,8
s  
Cap 20 76 42 25 73
m

Total R
71,57 80,90 110,6 141,6 150,7
wages/sa s  
3 9 78 94 69
lary m

MOTHERSON SUMI INCOME DATA

R
365,6 415,9 560,6 635,2 635,3
Net Sales s
99 40 53 29 68
m

R
Other
s 392 2,642 1,701 2,202 2,307  
income
m

R
Total 366,0 418,5 562,3 637,4 637,6
s  
revenues 91 82 54 31 75
m

R
Gross 35,48 40,69 49,44 53,48 52,01
s
profit 2 4 9 4 3
m

R
Depreciati 10,87 10,59 15,75 20,58 27,78
s  
on 2 1 2 2 0
m

R
Interest s 3,450 3,749 4,108 4,232 5,986  
m

R
Profit 21,55 28,99 31,29 30,87 20,55
s  
before tax 2 6 0 2 4
m

R
Minority
s 0 0 0 0 0  
Interest
m

Prior R
Period s 0 0 0 0 0  
Items m
 MOTHERSON SUMI INCOME DATA

Extraordi R
nary Inc s 0 0 0 0 0  
(Exp) m

R
10,07 11,02
Tax s 5,192 9,103 8,184  
2 2
m

R
Profit 16,36 19,89 21,21 19,85 12,37
s
after tax 0 3 8 0 0
m

Gross
profit % 9.7 9.8 8.8 8.4 8.2
margin

Effective
% 24.1 31.4 32.2 35.7 39.8  
tax rate

Net profit
% 4.5 4.8 3.8 3.1 1.9
margin

MOTHERSON SUMI BALANCE SHEET DATA

Curren
Rs 104,4 160,4 171,0 199,4 194,6
t  
m 90 80 01 96 54
assets

Curren
t Rs 92,49 113,8 153,3 188,9 195,7
 
liabiliti m 6 27 42 06 08
es

Net
workin
g cap % 3.3 11.2 3.1 1.7 -0.2
to
sales

Curren
x 1.1 1.4 1.1 1.1 1.0
t ratio

Invent Day 12 16 15 16 18
ory s
 MOTHERSON SUMI BALANCE SHEET DATA

Days

Debtor Day
46 41 37 35 30
s Days s

Net
Rs 97,67 158,1 194,1 220,7 246,4
fixed  
m 0 93 04 94 55
assets

Share Rs
1,323 1,404 2,105 3,158 3,158  
capital m

"Free"
Rs 42,64 81,32 96,73 106,4 109,4
reserv  
m 8 3 6 69 51
es

Net Rs 43,97 82,72 98,84 109,6 112,6

 
worth m 1 7 1 27 09

Long
Rs 47,85 94,44 75,70 80,99 82,61
term  
m 8 0 1 5 2
debt

Total Rs 202,1 318,6 368,7 427,1 449,9

assets m 60 73 11 79 28

Interes
t
x 7.2 8.7 8.6 8.3 4.4  
covera
ge

Debt to
equity x 1.1 1.1 0.8 0.7 0.7
ratio

Sales
to
x 1.8 1.3 1.5 1.5 1.4  
assets
ratio

Return
on % 9.8 7.4 6.9 5.6 4.1
assets
 MOTHERSON SUMI BALANCE SHEET DATA

Return
on % 37.2 24.0 21.5 18.1 11.0
equity

Return
on % 27.2 18.5 20.3 18.4 13.6
capital

Export
s to % 2.2 1.9 1.5 1.6 1.5  
sales

Import
s to % 4.7 5.1 5.2 4.8 3.9  
sales

Export Rs
8,214 7,973 8,295 9,944 9,514  
s (fob) m

Import Rs 17,09 21,33 28,91 30,70 25,02

 
s (cif) m 4 4 3 2 1

Fx Rs 11,07 12,70
9,178 8,019 8,834  
inflow m 3 4

Fx Rs 18,69 21,33 28,91 30,70 25,02

 
outflow m 4 4 3 2 1

- - - -
Rs
Net fx -9,516 13,31 20,07 19,62 12,31  
m
5 9 9 7

MOTHERSON SUMI CASH FLOW

From R
21,88 37,99 32,64 43,12 63,52
Operation s
4 7 0 4 0
s m

From R - - - - -
Investmen s 19,06 67,26 31,94 33,10 22,39
ts m 1 1 1 5 9

From R - -
- 55,17 -
Financial s 22,21 28,02
2,632 6 2,246
Activity m 4 9
 MOTHERSON SUMI CASH FLOW

R -
Net 31,72 13,28
s 191 21,51 7,693
Cashflow 0 9
m 5