22 May 2018 4QFY18 Results Update | Sector: Automobiles Revenues grew +23% YoY (+3% QoQ) to INR31.6b (est. INR 30b), as against industry growth of 19%.Auto revenue grew 23% YoY, whereas non-auto segment grew 22% YoY. c) In FY18, auto revenues grew ~15% driven by 19% growth in powertrain solution business. d) Non-auto revenues were flat in FY18 impacted by lower revenues in energy business, despite double digit growth in building technology, packaging technology as well as thermo technology. Bosch Ltd BOS enjoys a very strong and unique positioning in the auto component industry, with a focus on technology enabling high value add, strong relationships with OEMs, and strong after-market presence. With strong tailwind in the CVs and tractor industry, we estimate revenue growth at 15% CAGR over FY18-20E. Unique industry positioning, technology focus enables high growth visibility as reflected in ~34% FY15-18E EPS CAGR.