12 Feb 2024 , 11:26 AM
Result date: February 13, 2024
Recommendation: Add
Target price: ₹4,160
Eicher Motors reported 3% growth in standalone sales volumes over the year-ago quarter. This metric remained flat sequentially. For the VECV segment, sales volumes grew 15% over the year-ago quarter and 7% sequentially. Analysts at IIFL Securities expect the company’s consolidated revenue to grow 9.6% over the year-ago quarter and inch down by 0.9% on a sequential basis.
Sequential margin tailwinds include lower input costs, favorable operating leverage and higher net pricing. Lower share of exports will be the key margin headwind on a sequential basis. The company’s EBITDA margin is pegged at 26.2%, up 314 basis points over the year-ago quarter, but down 24 basis points sequentially.
Analysts at IIFL Securities expect the company’s Profit After Tax to grow 37.9% over the year ago quarter and remain flattish on a sequential basis.
Important management insights to watch out for:
₹ Million |
December 2023 estimates |
YoY change |
QoQ change |
Revenue |
40,766 |
9.6% |
(0.9)% |
EBITDA |
10,673 |
24.5% |
(1.8)% |
EBITDA margin |
26.2% |
314 bps |
(24) bps |
Profit After Tax |
10,217 |
37.9% |
0.5% |
Source: IIFL Research
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