Fluctuating demand, disruptions in supply chains and changes in consumer behavior on the back of rising uncertainty brought upon by the second wave is expected to pose challenges in the coming months. Given this situation, managing demand and keeping cost under control remains key for Bosch. We retain our HOLD rating on the stock with rolled-forward TP of Rs. 16,162 based on 28x FY23E adj. EPS. Topline driven by demand from tractor segment Q4FY21 Consolidated revenue surged to Rs. 3,216cr (+43.8% YoY, +6.1% QoQ) on...