ICICI Securities Ltd | Retail Equity Research Bosch's Q4FY17 revenues came in at | 2,575 crore (up 2.8% YoY) vs. our estimate of | 2,632 crore. Gross revenues from automotive segment grew 2% YoY to | 2,409 crore while revenues from nonautomotive grew 32% YoY to | 448 crore EBITDA margins came in at 27.3% (up 465 bps YoY) vs. our estimate of 21.5%. Mainly due to lower raw material cost (gross margins expanded 264 bps YoY) & employee cost (down 335 bps YoY), the margins expanded. According to the management, the higher...