Eicher Motors Ltd. share price target

leading to a 30% rise in operating profit to Rs 809.6crore. With 23% drop in other income at Rs 59.61crore, PBIDT rose by 24% to Rs 869.2crore. Interest cost stood at a negligible Rs 1.53 crore. Depreciation charges shot up by 55% to Rs 70.15 crore. After this, profit before tax rose by 22% to Rs 797.53crore. After 246 bps rise in tax rate and 31% rise in tax provision to Rs 285.64 crore, profit after tax rose by 18% to Rs 511.89. crore....

ICICI Securities Ltd | Retail Equity Research Eicher Motors reported its Q1FY19 numbers that were above estimates on the operational front but came in below estimates at the profitability level. Revenues for Q1FY19 came in at | 2548 crore (up 27.3% YoY, 0.8% QoQ), almost in line with our estimate of | 2562 crore. Royal Enfield (RE) volumes grew strongly at 22.5% YoY to 225361 units, with VECV volumes up 41.6% to 16416 units EBITDA came in at | 810 crore (up 27.4% YoY, 12.7% QoQ) in line...

Royal Enfield's (RE) Q1FY19 results were in-line with our and consensus estimates on operating level. Revenue grew +27% YoY / +1% QoQ to Rs25.3bn driven by strong volume growth of +22% YoY / -1% QoQ to 225,361 units. Net realization for the quarter increased 1% QoQ mainly on account of better product mix. EBITDA for the quarter increased +30% YoY / +2% QoQ to at Rs8bn. Other expenses grew +31% YoY / -8% QoQ to Rs2.5bn. EBITDA margin for the quarter stood at 31.8% vs our and consensus estimates of 31.3% and 31.9% respectively. Adj. PAT for the quarter stood at Rs5.7bn (+22%YoY/-11%QoQ). Management has guided for 950k production for RE....

Eicher Motors (EIM) posted highest ever top line at ` 25.5 bn (up 27.3% YoY) in Q1FY19 supported by RE volume growth of 22.5% with favorable product mix as compared to lower base in the same period in the last year. The favorable mix due to higher sales of premium products helped in improvement at margin levels, negating the adverse impact of increasing raw material prices. EIM posted gross margin and EBITDA margin of 48.5% and 31.8% respectively during the quarter. We believe increasing share of premium bikes in the sales mix will improve the margins further going...

Eicher Motors reported healthy set of numbers which were in line with our estimates. Its consolidated net revenue and net profit grew by 33.9% and 38.1% yoy respectively.

Jinesh Gandhi - Research Analyst (Jinesh@MotilalOswal.com); +91 22 3982 5416 Suneeta Kamath - Research Analyst (Suneeta.Kamath@MotilalOswal.com) | Deep Shah - Research Analyst (Deep.Shah@MotilalOswal.com) Investors are advised to refer through important disclosures made at the last page of the Research Report....

Eicher Motors (EML) numbers were in line with expectations at revenue and operating level. Numbers at net level were low due to a one time write off `1.9bn (due to closure of Eicher Polaris business). With RE segment focusing on capacity augmentation as well as new product launches, growth trajectory should remain strong. Realizations improvement shows the pricing power with expansion of gross margins on per unit basis. With strong CV volume cycle, we expect VECV to gain traction. Export market potential is the focus area and should playout in next few years. We rollover valuation...

Eicher Motors reported a consolidated net profit of Rs 461.5 core for the fourth quarter ended March 2018, roughly similar compared to the same quarter last year as a loss in a joint venture eroded the bottom-line for the quarter. Net profit in Q4FY17 was Rs 459.44 crore. Consolidated revenue for the quarter grew 34% at Rs 2,528 crore. Consolidated revenue for the...

Eicher Motors reported its Q4FY18 numbers that were marginally below estimates on the profitability front. Revenues for Q4FY18 came in at | 2528 crore (up 33.9% YoY, 11.4% QoQ), almost in line with our estimates of | 2523 crore. The Royal Enfield (RE) volumes...

Royal Enfield's (RE) 4QFY18 results were above our and consensus estimates. Revenue grew +35% YoY / +12% QoQ to Rs25.1bn driven by strong volume growth of +27% YoY / +10% QoQ to 227,042 units. Net realization for the quarter increased 2% QoQ to Rs111k. EBITDA for the quarter increased +38% YoY / +14% QoQ to at Rs8.1bn. Other expenses grew +38% YoY / +14% QoQ to Rs2.7bn mainly on account of business development. EBITDA margin for the quarter stood at 32.3% vs our and consensus estimates of 32% respectively. Adj. PAT for the quarter stood at Rs2.6bn (-37%YoY/-45%QoQ) as company has made impairment loss of Rs3.1bn for...