Bosch Ltd (MICO) - ICICI Direct

Financial summaryProfit and loss statement(| Crore)(Year-end March) CY12 CY13E CY14E CY15ETotal operating Income 8,659.1 8,931.0 9,706.3 11,115.5Growth (%) 6.0 3.1 8.7 14.5Raw Material Expenses 4,753.4 4,867.1 5,271.9 5,954.0Employee Expenses 1,037.1 1,161.4 1,285.2 1,463.6Other Expenses 1,388.8 1,490.1 1,624.5 1,847.8Total Operating Expenditure 7,309.6 7,500.7 8,161.5 9,243.5EBITDA 1,349.5 1,430.3 1,544.8 1,872.0Growth (%) -10.7 6.0 8.0 21.2Depreciation 367.0 370.7 423.9 458.4Interest 5.5 0.5 0.4 0.2Other Income 369.2 385.6 478.0 580.0PBT 1,346.2 1,444.6 1,598.6 1,993.4Exceptional items 0.0 0.0 110.0 0.0Total Tax 387.9 441.2 497.2 621.0PAT 958.3 1,003.4 1,101.3 1,372.4Growth (%) -14.6 4.7 9.8 24.6EPS (|) 305.2 319.6 350.7 437.1Source: Company, ICICIdirect.com ResearchCash flow statement(| Crore)(Year-end March) CY12 CY13E CY14E CY15EProfit after Tax 958.3 1,003.4 1,101.3 1,372.4Add: Depreciation 367.0 370.7 423.9 458.4(Inc)/dec in Current Assets -63.7 -267.5 -241.6 -605.4Inc/(dec) in CL and Provisions -54.6 100.9 212.4 358.4CF from operating activities 1,207.0 1,207.5 1,496.0 1,583.8(Inc)/dec in Investments 114.9 -310.0 -260.0 -500.0(Inc)/dec in Fixed Assets -735.0 -500.0 -700.0 -600.0Others 122.6 15.9 14.7 13.1CF from investing activities -497.5 -794.1 -945.3 -1,086.9Issue/(Buy back) of Equity 0.0 0.0 0.0 0.0Inc/(dec) in loan funds -60.4 0.0 -10.0 -70.0Dividend paid & dividend tax -219.0 -219.0 -255.5 -292.0Others 100.1 -0.5 -0.4 -0.2CF from financing activities -179.3 -219.5 -265.8 -362.2Net Cash flow 535.7 194.4 285.3 134.9Opening Cash 951.5 1,487.2 1,681.6 1,966.8Closing Cash 1,487.2 1,681.6 1,966.8 2,101.7Source: Company, ICICIdirect.com ResearchBalance Sheet(| Crore)(Year-end March) CY12 CY13E CY14E CY15ELiabilitiesEquity Capital 31.4 31.4 31.4 31.4Reserve and Surplus 5,541.9 6,326.3 7,172.1 8,252.6Total Shareholders funds 5,573.3 6,357.7 7,203.5 8,284.0Total Debt 185.0 185.0 175.0 105.0Other non-current Liabilities 251.8 291.8 341.8 391.8Total Liabilities 6,010.1 6,834.5 7,720.3 8,780.8AssetsGross Block 3,947.9 4,447.9 5,147.9 5,747.9Less: Acc Depreciation 3,084.6 3,455.3 3,879.2 4,337.6Net Block 863.3 992.6 1,268.7 1,410.3Capital WIP 417.1 417.1 417.1 417.1Total Fixed Assets 1,280.4 1,409.7 1,685.8 1,827.4Investments 1,519.8 1,829.8 2,089.8 2,589.8Inventory 1,095.7 1,151.7 1,225.0 1,417.4Debtors 1,021.0 1,103.7 1,172.9 1,372.7Loans and Advances 878.7 914.3 993.2 1,169.7Other current assets 140.3 233.6 253.7 290.5Cash 1,487.2 1,681.6 1,966.8 2,101.7Total Current Assets 4,622.9 5,084.8 5,611.6 6,351.9Creditors 930.4 983.7 1,094.7 1,278.4Provisions 506.5 535.5 596.0 695.9Other Current Liabilities 456.9 475.4 516.4 591.2Total Current Liabilities 1,893.8 1,994.7 2,207.1 2,565.5Net Current Assets 2,729.1 3,090.1 3,404.6 3,786.4Deferred Tax Asset 255.2 270.2 285.2 285.2Other non-current Assets 225.6 234.7 255.0 291.9Application of Funds 6,010.1 6,834.5 7,720.3 8,780.8Source: Company, ICICIdirect.com ResearchKey ratios(Year-end March) CY12 CY13E CY14E CY15EPer share data (|)EPS 305.2 319.6 350.7 437.1Cash EPS 422.1 437.6 485.7 583.1BV 1,775.0 2,024.8 2,294.2 2,638.3DPS 60.0 60.0 70.0 80.0Cash Per Share 473.6 535.5 626.4 669.4Operating Ratios (%)EBITDA Margin 15.6 16.0 15.9 16.8PBT / Net sales 16.0 16.5 16.8 18.3PAT Margin 11.1 11.2 11.3 12.3Inventory days 47.5 48.0 47.0 47.5Debtor days 40.3 41.0 42.0 42.8Creditor days 44.3 46.0 45.0 46.0Return Ratios (%)RoE 17.2 15.8 15.3 16.6RoCE 17.1 16.2 15.2 16.9RoIC 24.3 22.8 21.5 23.2Valuation Ratios (x)P/E 28.9 27.6 25.1 20.2EV / EBITDA 18.8 17.3 15.7 12.6EV / Net Sales 3.0 2.8 2.6 2.2Market Cap / Sales 3.3 3.2 2.9 2.5Price to Book Value 5.0 4.4 3.8 3.3Solvency RatiosDebt/Equity 0.0 0.0 0.0 0.0Current Ratio 2.4 2.5 2.5 2.5Quick Ratio 1.9 2.0 2.0 1.9Source: Company, ICICIdirect.com ResearchICICI Securities Ltd | Retail Equity Research Page 5