July 3, 2022

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Eicher Motors Q4 Review – Beats Estimates; Outperformance Continues: Prabhudas Lilladher

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Prabhudas Lilladher Report

Eicher Motors Ltd.’s consolidated Ebitda margin at 23.7% (up 350 basis points QoQ, our estimate: 23%) surprised positively.

Demand scenario for Royal Enfield is healthy besides good traction received for Classic 350, Meteor 350 and newly launched Scram 411.

Semiconductor supply is also improving month-on-month as Eicher Motors boarded two new vendors over FY22.

Further, exports business is witnessing strong growth led by channel expansion and market share gains; exports volumes grew ~110% in FY22.

For VE Commercial Vehicles Ltd., demand continues to witness traction led by cyclical recovery. Demand for compressed natural gas variants is strong amidst rising fuel cost scenario.

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Prabhudas Lilladher
2022-05-16 01:55:03

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