BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Eicher Motors Ltd.’s Q4 FY21 standalone performance missed consensus estimates as Ebitda margin came in at 22%, primarily due to gross margin compression (down ~322 basis points YoY), one-time provisions (70 basis points).
Royal Enfield has undertaken price increases in January-March 2021 (3-8%) to mitigate input cost impact on margins.
We continue to like the Royal Enfield’s customer-centricity/market expansion strategy via:
- New product launches (highest new launches (we expect four) in its history) to expand addressable market following the footsteps of Meteor-350.
- Improving consumer experience with initiatives like 'make-it-yours' vehicle customisation app, service on wheels.
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