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Eicher Motors Q3FY22 Preview: Conslidated revenue seen at Rs29,596 million, PAT at Rs5,294 million

14 Feb 2022 , 09:15 AM

Eicher Motors

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%
Source: Company, IIFL Research
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%
 Source: Company, IIFL Research 

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%
Source: Company, IIFL Research

Related Tags

  • Eicher Motors
  • Eicher Motors Q3 in focus
  • Eicher Motors Q3FY22 Preview
  • nifty
  • sensex
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