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:
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
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.