Fuelled for growth

The Indian automotive industry faced one of its worst down periods in a decade, between 2012 and 2014. All major auto manufacturers struggled with weakening sales. Bosch reported annual sales growth of 20 per cent and EBITDA growth of 25 per cent in the last five years - one of the worst periods for the sector. For investors of Bosch too, this was a bumper period. A ₹10,000 investment in Bosch a decade ago would be worth ₹86,000 today, which makes it an 8.6-times multibagger. How does Bosch outperform the cyclicality of the auto industry, given that 85 per cent of its revenues are derived from

This article was originally published on December 02, 2015.