6 Nov 2023 , 10:23 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
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