Bosch Ltd

NSE:BOSCHLTD

Q1-2026 Earnings Call

[Annamalai Jayaraj, analyst]

Ladies and gentlemen, good day and welcome to Bosch Limited 1Q FY '25-'26 Post Results Conference Call hosted by B&K Securities. From March management, we have with us today, Mr. Guruprasad Mudlapur, Managing Director and Chief Technology Officer; Ms. Karin Gilges, Chief Financial Officer. [Operator Instructions] Over to you, sir.

[Guruprasad Mudlapur, executive]

Good evening, everyone and thank you for joining the call today. I will start with a briefing for you first, and then I will get into Q&A. In the last few months, we witnessed wars in various regions, prolonged U.S. tariff discussions with its trade partners, growth disparity between developed markets and the emerging markets sort of compounded by persistent supply chain challenges. The global landscapes are being redefined by BANI. It's a new term, brittle, anxious, nonlinear and incomprehensible to some extent, requiring new approaches at business level to navigate them. As global attention focuses on the final stage of the U.S.-led trade tariffs and the decisions thereof, the IMF's July 2025 update now expects global growth of 3% in 2025 up from an earlier April forecast of 2.8% despite persistent uncertainties.

India's resilience certainly stands out as the IMF upgraded its 2025 growth forecast, reaffirming its role as a key engine of global expansion amid broader uncertainty. In the last quarter, the RBI took a series of easing measures, including consecutive repo rate cuts and a reduction in the cash reserve ratio aimed at boosting economic growth and improving liquidity conditions, With the inflation easing and consumer price index at a multiyear low in June, the RBI is expected to pause further rate cuts to assess the immediate impact on demand and credit, Monsoon performance will be key to growth in the coming quarters. Overall, domestic reforms and government spending on infrastructure are expected to continue with the visions of Atmanirbhar Bharat, especially against the backdrop of global trade tensions and geopolitical conflicts.

Next slide, please. India's automotive industry has shown an upward trend in Q1 FY '26, particularly in tractors and 3-wheelers, while passenger vehicles, 2-wheelers and commercial vehicles have seen mild improvements, indicating a cautious market recovery. Moderate growth was observed in passenger cars, despite challenges from heavy monsoons, tight liquidity and geopolitical tensions with SUVs and CNG, EV models starting to gain market momentum. Heavy commercial vehicles seen positive growth due to prebuying ahead of the mandatory air conditioning regulations mandated by the Ministry of Road Transport and Highways for cabins in medium and heavy-duty trucks manufactured from October 1, 2025. This prebuying is driven by expectations of a 1% to 2% cost increase due to the new regulation. The bus segment continues to thrive supported by the PM e-Bus Sewa scheme. Light commercial vehicles witnessed a slight degrowth, though passenger carriers remained stable. Goods carriers suffered or faced challenges from a softening economy and competition from 3-wheeler segment, particularly in the low tonnage category.

The 3-wheeler segment performed well, driven by domestic and export demand and achieved double-digit growth, particularly due to EV penetration in the last mile use cases. Tractors recorded robust growth due to timely sowing, favorable monsoon forecasts, higher minimum support prices and improved farm liquidity, supported by favorable volumes of rabi output. While export demand is stable and electric 2-wheelers are gaining momentum, domestic sales and production were impacted by Hero MotoCorp's plant shutdown -- plant maintenance shutdown. Next, slide please.

In this slide, we have illustrated the market trajectory across FY '24, '25 and FY '26 forecast, along with highlighting the volume peaks achieved for each segment. The automotive market ended on a positive note in FY '25, reaching an all-time high in passenger cars and sustaining the momentum in other categories. Passenger vehicles growth in FY '26 is expected to remain moderate, impacted by high inventory levels and muted consumer demand for mini and micro categories and potential component shortages for EV due to Chinese export restrictions, a key watch out for the remaining part of the financial year.

New model launches may offer support to overall volumes. The overall commercial vehicle segment is projected to grow at moderate single-digit owing to headwinds from evolving comfort norms. However, better financing, infrastructure revival, rural demand and fleet replacement trends will support the growth of this segment. The tractor segment is projected to perform better this fiscal year. supported by strong rural demand, a favorable monsoon forecast and rising minimum support prices for key crops. The 2-wheeler growth in FY '26 is expected to reach an all-time high fueled by the upcoming festive season and an above normal monsoon that would boost rural incomes. While challenges like the new OBD II Phase B emission norms, stricter safety norms and a base -- high base effect post headwinds, the overall outlook remains optimistic. This optimism is supported by easing inflation, stronger rural sentiment and rising disposable incomes, further boosted by tax rebates for individuals earning up to INR 12 lakh and a cumulative 100 basis point rate cut together, enhancing customer. confidence and affordability.

The 3-wheeler market is poised for steady growth in FY '26, fueled by increasing passenger demand, accelerating EV adoption sustained last mile mobility solutions serving both urban and rural areas.

Next slide please. Quarter-on-quarter, the Mobility business has grown by 14.3% in April, June '25 as compared to April, June '24, driven mainly by growth in Power Solutions business by 13.7% on account of higher demand for diesel components mainly from off-highway and passenger car segments. The Mobility Aftermarket business, which grew at 5.2% on account of higher demand for filters, lubricants and wiper systems. Significant growth in 2-wheeler business was seen mainly on account of ramp-up in sale of exhaust gas sensors due to implementation of OBD II norms from 1st of April 2025. The consumer goods business grew by 9.3%, driven by higher demand for tools and accessories. Building Technologies business declined by 65.3%, mainly due to the sale of video solutions and access and intrusion and communication systems business.

On a quarter -- on sequential quarter basis, Mobility business has grown by 5.2% in April, June '25 as compared to Jan, March '25, driven mainly from growth in Power Solutions business by 4.5%, driven by increased demand resulting from higher volumes in passenger car and heavy commercial vehicle segments. 2-wheeler business also grew by 39.2% over the previous quarter due to increase in sale of exhaust gas sensors resulting from OBD II norms implementation from 1st of April '25. The consumer goods business declined 20.3% due to seasonal impact. Building business declined 64.7% mainly due to the sale of video solutions, access and intrusions and communication systems [indiscernible].

Overall, revenue from operations in Jan -- April to June '25, stood INR 47,886 million, which grew by 10.9% over April, June 2024. The growth is driven by increase in sales in power solutions, 2-wheeler, powersports, mobility aftermarket business and consumer goods business as seen in the previous slide. Overall, revenue for April, June '25 declined by 2.5% over Jan, March '25, while Power Solutions and 2-wheeler, powersports business segment saw a growth. This was offset by a reduction due to lesser sales in business technologies division, resulting in sale of video solutions, access and intrusion and communication systems business.

EBITDA in April, June '25 was INR 6,393 million, which grew by 23% over the same quarter of the previous year. The improvement in EBITDA margin is mainly on account of growth in revenue and improvement in material cost. EBITDA in April, June '25 was INR 6,393 million which marginally declined by 1.2% over the sequential quarter. The decline in EBITDA is mainly on account of lower sales in current quarter compared to the previous quarter. Profit after tax stood at 23.3% of revenue from operations as compared to 10.8% over the same quarter of previous year. The increase is on account of improved EBITDA margins and on account of profit on sale of video solutions, access and intrusions and communication systems business which was recognized during the previous quarter -- during the quarter.

Likewise, profit after tax for the quarter April, June '25 was 23.3% of revenue from operations as compared to 11.3% over sequential quarter. The increase is again due to recognition on profit on sale of video solutions, access and intrusions and communication systems business. At the heart of electrification is Bosch Mobility, providing key technologies, vehicle control units and electric coolant pumps. The VCU acts as the brain of the vehicle managing how it drives by adjusting torque and switching between all-wheel and rear-wheel drive based on road conditions. The electric platform is configured to satisfy future battery cooling requirements during fast charging. In addition, it supports simultaneous cooling of 2 powerful e-axles. In the 2-wheeler space, Bosch is powering multiple models while continuously improving the systems on offer to meet the market and regulatory requirements. New project acquisitions reinforce Bosch's commitment to delivering seamless engineering and manufacturing capability for India. With every rollout, we are moving 1 step closer to shaping the new era of mobility together in India.

Next slide, please. With these updates, I conclude my speech. Thank you for listening patiently. We will now address your queries, please feel to ask your questions. Thank you.

[Annamalai Jayaraj, analyst]

[Operator Instructions] The first question will be from Mr. Pramod Amthe.

[Pramod Amthe, analyst]

So this is with regard to the 2-wheeler business. Congrats for such a strong growth and a quick response to set up the capacity. Wanted to know, since the capacity came on board pretty fast, what's the extent of localizations you have been able to achieve there? And second, is it fair to assume now 2-wheeler as a vertical is almost a double-digit contribution to revenue?

[Karin Gilges, executive]

Perhaps I'll take first of the -- regarding the 2-wheeler business and for the strong growth. Yes, you are right. We have seen the strong growth. It is especially in the content. Regarding the contribution, of course, 2-wheeler is a very important contributor to our overall turnover in the mobility. Nevertheless, we do not this segmental numbers. And regarding localization, we were expecting because a lot of the content is coming out of the OBD II. And therefore, we were prepared for this. And this is localized and delivered from our Bidadi plant. And so we are happy to have the localization on board. And we are more than happy to see now the ramp-up in the 2-wheeler business.

[Pramod Amthe, analyst]

And the second one is the purchase goods seems to be easing off. And as you guys are also doing the localization for other components, wanted to know how are customers looking at it? Do they allow you to keep the benefits with you majoritarily? Or you feel the competitive intensity has changed now and you may have to pass on some of it to the customers?

[Karin Gilges, executive]

I would answer the first -- I will answer the first part and this is regarding material costs. I think, yes, we are going ahead with the localization. But also, we have to see the product mix because it is depending on the material costs, we have to other perspective and this is what do we trade and what do we manufacture. And depending on the demand of the market, we see certain quarters where we have a higher part of the traded goods and we have quarters where we see a lower portion of traded goods. And in April to June '25, it was in favor of the manufactured goods. That means the demands from the customers were mainly out of our manufactured goods in India. And this is then, of course, also influencing the material cost. Nevertheless, you are right that we are going also ahead with the localization.

[Guruprasad Mudlapur, executive]

Just to add on the pricing that you asked, These are all based on customer contracts. So they vary and we do what is agreed with the customer.

[Annamalai Jayaraj, analyst]

Mr. Sriram, you can unmute and ask your question.

[Shyam Sriram, analyst]

Yes, 2 questions. Yes, sorry, so I have 2 questions. One is on the MOU between Bosch and Tata Electronics. How this will benefit the listed entity? And secondly, there is a note given in the quarterly financials regarding restructuring of the Mobility business. If you can elaborate on this, that would be helpful.

[Guruprasad Mudlapur, executive]

Okay. I'll take the first and Karin will help you with the second one. See, the MOU is between Bosch Germany and Tata Electronics to -- and the MOU period is for 1 year to explore potential cooperation opportunities in semiconductors and OSAT topics. So this is something we are exploring together with them and the MOU is between Bosch Germany and Tata Electronics. Right now, there is no direct benefit out of this MOU. It's a very early stage exploration with Tata Electronics. And the connection could be that once we are making progress and we are able to see some localization possibilities with semiconductors, we could see some benefits going forward. So this is a early exploration MOU with Tata Electronics.

[Karin Gilges, executive]

Coming to your second part of the question, this was regarding the restructuring Mobility business. And this is -- if we look from an angle, from the commercial prudence and that we are looking forward to have a shift in the technologies. I'll give you an example, for example, also a TREM5 in the future, going to a common rail. And therefore, we have to look all the time into our balance sheet and have to look at volumes changes in product portfolio, et cetera. And then we have the principle of commercial prudence that we build up some provisions where we have it out of the calculations. So that's the background.

[Shyam Sriram, analyst]

So okay. I mean, just a follow-up on that. Is there any plan to merge the sister entities with Bosch India?

[Guruprasad Mudlapur, executive]

We've already made a statement on this towards SEBI. And continuously -- see, the thing is we continuously look at opportunities on what can be enhanced, what can be divested, what can be changed in our product portfolio. And this is always an ongoing ordinary course of business for us. At this point of time, I would say there is nothing concrete in any form, which is worth reporting even to the regulator or disclosing it beyond that. So as and when there is something, we'll get back to you. But at this point, there's nothing to report.

[Annamalai Jayaraj, analyst]

Mr. Chandrakanth, you can unmute and ask your question.

[Unknown Analyst]

My question is regarding this hydrogen ecosystem for commercial vehicles. Our solution is ready but where does the government stand in terms of the hydrogen refilling stations, et cetera? How long will it take to be a dominant business?

[Guruprasad Mudlapur, executive]

I won't put a precise date and timing on this. Hydrogen is in a very early phase right now. We are working with OEMs towards technology maturity exercise with the various OEMs on getting the technology matured. As you can imagine, this also requires quite some development of the ecosystem, the generation of hydrogen, the distribution, pumping, storage, all those aspects to be sort of developed and installed on different -- or in different areas before we can see some commercial exploitation of this. So at this point of time, I wouldn't go beyond that to give a very specific date because it's maybe too early. Our focus is on maturing technology. And then I'm sure similar things are happening with the ecosystem players on how they want to get the rest of the things aligned.

[Unknown Analyst]

My second question, which is a brief one. In your global report, you have been talking about electrification and electronification. In India, this electronification bit is outside the listed entity. And then in global report I think consolidation of Mobility is considered. So can we expect something to happen on electronification in the listed entity?.

[Guruprasad Mudlapur, executive]

See, I assume when you say electronification, you are referring to the electronics manufacturing that happens in our privately held company.

[Unknown Analyst]

Yes sir, mobility.

[Guruprasad Mudlapur, executive]

So all I can say is there was a very good reason why it was set up like this. And the unit is more or less a contract manufacturer to us and supplies all electronics through the listed entity. And at this point of time, I do not want to speculate any further changes and that is how it is. If there's any change in the structure or any change in the business operations, we will update you.

[Annamalai Jayaraj, analyst]

[Operator Instructions] In the meantime, I'll go through the chat box. Sir, there is a question on and this is Johnson Control unit acquisition. So I mean can you please provide color on recent acquisition of Johnson Control in India, how this acquisition will integrate with Bosch India operations?

[Guruprasad Mudlapur, executive]

Yes. So this Johnson Control-Hitachi acquisition is, again, a global acquisition for Bosch. It's one of our biggest acquisitions so far. The portfolio is very complementary to us in terms of the HVAC for residential and industrial applications. This comes in as a separate division, which is currently not within the listed company and it is expected to stay that way for now. There is a India operation of this, which is also going to remain that way for now. We'll see how this develops. And if there's any change on the portfolio or in the business operation, we will certainly update you.

[Annamalai Jayaraj, analyst]

Sir, next question is on this -- from the annual report, starting -- and what we have specified in the annual report they have requoted. I'll just read that. Starting in 2025, Bosch Power Solutions India will lead the powertrain and vehicle technology business for the commercial vehicle segment. As regulatory frameworks evolve, particularly in areas like ADAS and braking, Power Solutions will spearhead the adoption of technologies in the electrification, steering, braking systems and advanced driver assistance for the Indian market. So I mean the question is, whether we'll be involved in this powertrain, brakings and all those.

[Guruprasad Mudlapur, executive]

Yes. For the commercial vehicles, yes. It doesn't mean that all activities will happen. The business ownership will happen for the commercial vehicles area through the listed entity. Power Solutions will take that.

[Annamalai Jayaraj, analyst]

Okay. And the next question is, in your presentation you spoke about VCU for EV. Is it manufactured by the Bosch listed entity or by the sister concern and traded now?

[Guruprasad Mudlapur, executive]

It's -- I mean, all electronics, as I've said before, is manufactured by our sister entity, which specializes in electronic manufacturing and operates more or less as a contract manufacturer for the listed entity. And that is how it is currently. And the sale of the VCU happens through the listed entity.

[Annamalai Jayaraj, analyst]

Okay. We'll go to the Q&A box. Somebody raised their hands. Mr. Balasubramanian, you can unmute and ask your question. Mr. Balasubramanian?

I'll go through the chat box, sir. We are growing at 40% quarter-on-quarter in 2-wheeler segment due to new projects. How long do we expect this high growth to continue? Will volumes scale gradually or its volumes will stabilize after that ramp-up this year?

[Guruprasad Mudlapur, executive]

Volumes will stabilize after ramp-up.

[Annamalai Jayaraj, analyst]

Okay. And then there is a question on the overseas market. Is the worst over for the auto market in Europe?

[Guruprasad Mudlapur, executive]

Sorry, can you repeat again?

[Annamalai Jayaraj, analyst]

No, no. In the Europe market, is the worst over for the auto segment in Europe? That was the question.

[Guruprasad Mudlapur, executive]

I wouldn't say that the worst is over. The -- as you know, the global economy and we talked about it also in the -- my first slide. Most of the advanced economies are either stagnant, not growing or growing very slowly. And that is the trend in most of these advanced economies. And thereby, the auto sales are also quite muted in these geographies. And I believe at this point of time, we will see very muted growth in these economies.

[Annamalai Jayaraj, analyst]

Then there is a question on this rare magnet issue. So how does it impact Bosch? And in your view how it will impact the OEMs?

[Karin Gilges, executive]

So we can answer, of course, for Bosch. Overall, we see the rare earth topic is not only in India, not only singular suppliers like Bosch but it is an overall topic. And therefore, of course, we have fastly after we got the information that this is happening, we have implemented a task force here in India and also implemented a task force for Bosch Global where we have -- from India are part of. So therefore, we have screened all our material numbers. We have set the applications. We get strong support for our -- from our parent company, not only from our Robert Bosch China to place the applications into the right channels but also from the overall Bosch Global task force where we have a good overview of the whole Bosch group where are inventories, how are the material flows, what can we do? So therefore, of course, we see an impact. We see inventory coverage until end of August. We are working on several options. We are not going only for 1 option to reduce the risk as much as possible. For the OEM itself, of course, I cannot make here a statement. I can only give you our view as Bosch Limited in India.

[Annamalai Jayaraj, analyst]

Okay. Then there is a question on this divestment now. The recent divestment of the Building Technologies' video solutions, access and communication system business suggests business focus realignment, What is Bosch approach to portfolio management and what criteria determine which businesses to retain, grow, divest or merge?

[Guruprasad Mudlapur, executive]

Okay. So it's a very interesting question on portfolio management and I'll give you our group stance globally. We want to be in the top 3 in every segment we operate. Of course, that's not always possible in all segments. But in most of the core segments that we operate, we want to be in the top 3. And our effort and endeavor is always to ensure that, that happens. And as a consequence of that, we are constantly evaluating all our portfolio to see how to ensure that we have growth in these portfolio segments and we are able to add value and be a dominant player.

So based on this, certain portfolio actions are taken. And one of them was the Building Technologies' area of video solutions, access and communication systems, where we realize that significant additional investment, lot of IP and lot of change dynamics are required to make this into a top performer, which we believe that, at that point of time was not in our focus. So that was the reason we decided to hive off. And the reasons could be different for other portfolio decisions and I can't comment on that but this was how it was felt. But that's the general principle of how we look at portfolio choices.

[Annamalai Jayaraj, analyst]

Okay. Then there is a question on EV, sir. So Indian market is moving towards -- in 2-wheelers and 3-wheelers more towards EV. So how does Bosch plan to capitalize on emerging EV trends in India? What are your strategic priorities to maintain and expand market share in this evolving sector?

[Guruprasad Mudlapur, executive]

See, we are a dominant technology supplier in the EV space worldwide. And even in a very highly competitive market like China, Bosch is an extremely strong supplier of EV technologies to several OEMs in China and we are quite dominant there. We have a portfolio which ranges from 2-wheeler electrification all the way up to heavy commercial vehicle electrification and we offer that to all OEMs globally. It's also the same endeavor for us in India to remain a dominant player and offer these technology solutions to all our OEMs locally and this is what we are doing. We hope to have some -- we are in good discussions with several OEMs on electrification projects right now. And we hope to have some good news in the coming months.

[Annamalai Jayaraj, analyst]

Okay. I'll just try again, Mr. Balasubramanian, you can unmute and ask your question.

I'll just go through the question -- chat box again. Any opportunities Bosch working on ADAS? What is the outlook on this?

[Guruprasad Mudlapur, executive]

Yes. So Bosch is working on ADAS for a long time globally. We are also supplying ADAS solutions globally to multiple OEMs. And we see good opportunities for this. Currently, the portfolio does not under Bosch Limited. It's with our sister company outside of Bosch limited. And -- but we see a good opportunity for ADAS as we go forward and this is something that's currently -- there is quite a lot of work happening outside of Bosch Limited.

[Annamalai Jayaraj, analyst]

Then there is a question on exports. Export business outlook for Bosch Limited, both on near-term and medium-term perspective, any major new product line opportunities in the coming years? And any target for export in the medium term?

[Karin Gilges, executive]

Yes. Thank you very much for this question. And so we showed you already that we have implemented the new NOx line in Bidadi plant where we are currently in the ramp-up and where we have also a certain volume on export on the line in the future. So we see a growth in the export business. And we also, of course, pitch wherever possible. But please be aware that in the end, we have to be competitive in the landed costs. That means logistics, et cetera, has to be the competitive with the European plant, with U.S. plant, et cetera. But yes, we are looking also permanently into our opportunities here, wherever we have volumes free and where we can produce more. We pitch in the global network also for export volumes.

[Annamalai Jayaraj, analyst]

Also the question was target in mind in the medium term?

[Karin Gilges, executive]

Well, you cannot say in these volatile times where you also see the technology transfer. It is -- you cannot say I have this or that target. For us, it is, of course, in general, a target we would like to fill up our lines. And whatever is left besides the Indian market, we would like to place in the international production network. Nevertheless, focus #1 is the Indian market and the Indian OEMs.

[Guruprasad Mudlapur, executive]

Yes. Maybe another generic statement there. Continuously increasing our exports is one of our targets. I can put it that way. Yes.

[Annamalai Jayaraj, analyst]

Then Mr. Lakshmi Narayan is online.

[Lakshmi Narayan, analyst]

Yes. Two questions. One is on the export side, which are the lines of businesses where, as Bosch India, we are competitive? Can you be specific on which business, whether it is for commercial vehicle or this is for the direct injection? Or is this for the tractors? So that's my first question. Second question is that how are you looking at the emission norms changes that are coming up, especially in the tractor segment? How soon it is coming? And what would actually would -- how are our OEs are planning for this? And the third, in terms of your localization plan, when you had this -- when you took over as the Bosch MD a couple of years back from the target point of view, which you set for yourself and for the firm, where are we? Have we met the target? Have we exceeded the target, whatever targets you have set for yourself?

[Karin Gilges, executive]

I would start with export. So it is not black and white because we are -- we have lines where we are, of course, competitive but there is no demand in Europe currently. We also have to see this. I can give you some very good examples where we export. This is the NOx sensor. This is the spark plug. This is the certain injectors where we deliver volumes to Europe. But besides the competitiveness and we are increasing our competitiveness here in India because we have a very good productivity increase, et cetera, quality. We got, again, several awards for our plants here. But besides this, there has to be a demand also in Europe. So therefore, it is not black and white. I can only give you a quite successful examples where we prominently deliver also into other markets.

[Guruprasad Mudlapur, executive]

Maybe just to add to that statement. Normally, the competitiveness is based on landed cost at the OEM or in that location. So it may -- we may be competitive locally because of certain things but logistics may not make it competitive towards a landed cost in that location. So there are multiple factors and multiple elements which come in. So it is not one simple straightforward answer. Every product category has to be looked at uniquely to assess whether the landed cost at the customer makes sense. And then how do we take that discussion forward.

[Karin Gilges, executive]

But perhaps to give you a little bit more idea, I have another very good example where we took over for the so-called [ Texel ] pumps, all volumes and all -- the whole portfolio from Japan. We are producing it in our plant in Jaipur and we are exporting this now to Japan. That means we are now the single source for these pumps for the Japanese customers.

[Lakshmi Narayan, analyst]

Okay. The other 2 questions in terms of emission norms in tractors and localization.

[Guruprasad Mudlapur, executive]

Oh yes, emission norms, I mean, tractor emission norms, as you know, TREM5 is sort of on hold right now and we'll see. As and when that changes, we'll update you. In terms of localization, see, when we -- I took over and we sort of communicated that the intent is to continuously increase our localization content. We are very much on track with that. And as you can see also from our efforts and results, we are continuously increasing our localization content. It does not switch on, switch off kind of a situation where overnight, we can say we change everything. And there are multiple other dynamics that play out in the market, in geopolitics, tariffs, many other things. So a lot of these things are elements which get factored into making a localization decision. If it is pure India for India, I think it's much easier to handle. But if the volumes have to go beyond India, then we'll have to factor multiple other things. But we are on plan and we will continuously increase localization.

[Annamalai Jayaraj, analyst]

Due to lack of time, that was the last question. Do you want to make any closing comments, sir?

[Guruprasad Mudlapur, executive]

No, I think we've had a very good year and a very good quarter under the prevailing difficult circumstances. And I believe that we are on a good track also as we go forward. And we look forward to a more stabilized business environment, although I talked of BANI, as a concept but we look forward to a more stabilized business environment with a little more certainty on tariffs and how things pan out. And of course, also on geopolitics and let's hope that we continue our growth track as it is right now. Thank you, everyone.

[Annamalai Jayaraj, analyst]

On behalf of B&K Securities, we thank all the participants for joining the call. And special thanks to Bosch management for taking time out for the call. Have a good day.

[Karin Gilges, executive]

Thank you.

[Guruprasad Mudlapur, executive]

Thank you, everyone. Bye-bye.