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Q3FY24 Preview: Eicher Motors: Revenue seen at ₹40,766 Million, PAT at ₹10,217 Million

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:

  • Demand Trends across markets
  • Updates on pricing action and margins
₹ 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

Related Tags

  • Eicher Motors
  • Eicher Motors Q3
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