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Q2FY24 Preview: Eicher Motors: Revenue seen at Rs. 40,611 million, PAT at Rs. 9,081 million

6 Nov 2023 , 10:27 AM

Result date: November 10, 2023

Recommendation: Buy 

Target price: Rs. 3,700 

Eicher Motors recorded 10% growth in sales volumes over the year-ago quarter. This metric stood flattish sequentially. VECV volumes grew 12% over the year-ago quarter and 1.5% sequentially. This, along with growth in realizations could drive a 15% growth in consolidated revenue. Sequential revenue growth is estimated at 1.9%. Lower priced Hunter 350 gained volumes during the quarter.

Consolidated EBITDA margin could expand 244 basis points as compared to the year-ago quarter on the back of improved operating leverage and lower input costs.

Profit After Tax (PAT) could grow 38.2% as compared to the year-ago quarter and decline 1.1% sequentially.

Important management insights to watch out for:

  • Demand outlook across markets
  • Timeline for new product launches
  • Margin trends, future trajectory
Consolidated 

September 2023 estimates

YoY change

QoQ change

Revenue (Rs. mn)

40,611

15.4%

1.9%

EBITDA (Rs. mn)

10,473

27.5%

2.6%

EBITDA margin (%)

25.8%

244 bps

18 bps

Profit After Tax (Rs. mn)

9,081

38.2%

(1.1)%

Source: IIFL Research

 

Related Tags

  • Eicher Motors
  • Eicher Motors Q2
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