14 Feb 2022 , 09:15 AM
Result date: 14th February, 2022
Recommendation: Buy
Target price: Rs3,060
Eicher Motors is likely to report standalone revenue at Rs28,919 million, up by 3.1% YoY and 32.5% QoQ. Sequential growth in volumes was driven by easing semi-conductor shortage. Price hike could almost fully offset cost pressure during the quarter.
Standalone PAT could grow 42.0% QoQ and decline marginally by 0.2% compared to the year ago quarter.
Consolidated results could be aided VECV segment which will be incorporated in the financials as ‘share of profits from JV’ under Ind-AS.
Important management insights to watch out for:
* Demand trends
* Outlook on margins and input cost inflation
Standalone expectations
Rs. Million | December 2021 estimates | YoY change | QoQ change |
Volumes | 169,526 | (15.1%) | 37.3% |
Revenue | 28,919 | 3.1% | 32.5% |
EBITDA | 6,391 | (2.9%) | 44.4% |
EBITDA Margin | 22.1% | (137 bps) | 181 bps |
PAT | 4,877 | (0.2%) | 42.0% |
Rs. Million | December 2021 estimates | YoY change | QoQ change |
Volumes | 16,044 | 25.4% | 6.1% |
Revenue | 33,188 | 23.8% | 5.3% |
EBITDA | 1,991 | (-13.6%) | 17.1% |
EBITDA Margin | 6.0% | (-260 bps) | 61 bps |
PAT | 398 | (31.3%) | 121.4% |
Consolidated expectations
Rs. Million | December 2021 estimates | YoY change | QoQ change |
Revenue | 29,596 | 4.6% | 31.6% |
EBITDA | 6,663 | (0.8%) | 41.8% |
EBITDA Margin | 22.5% | (125 bps) | 163 bps |
PAT | 5,294 | (0.6%) | 41.9% |
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