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Prabhudas Lilladher Report
Eicher Motors Ltd. consolidated results exceeded our estimates as revenue/Ebitda/profit after tax were higher by 4%/22%/10%.
This was led by better margins at Royal Enfield at 22% (our estimate 18.7%, down 260 basis point YoY) and VE Commercial Vehicles Ltd. at 6.9% (our estimate 5%, up 150 basis point YoY).
We expect approximately 50 basis point contraction in margins in H2 as higher raw material cost will be partially diluted by operating leverage and cost control initiatives.
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