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Prabhudas Lilladher Report
Eicher Motors Ltd.'s Q4 FY21 standalone and VE Commercial Vehicles Ltd. performance were in-line.
Adjusted for one-offs expense of Rs 250 million (forex difference) standalone margin came in at 22.9% (down 60 basis point QoQ, our estimate 22.7%).
Standalone profit after tax came in-line at Rs 4.9 billion (up 1% QoQ).
VE Commercial Vehicles results too were in-line with revenue/Ebitda/profit after tax at Rs 36.5 billion/Rs 3.2 billion/Rs 1.3 billion.
We believe the company is well placed on its recovery ride with aggressive new product launch pipeline at Royal Enfield and commercial vehicle upcycle benefits at VE Commercial Vehicle.
However, supply challenges are expected to persist in the near term.
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