Eicher Motors Posts In-Line Q3 Numbers; Demand Looking Up In Metros Too: Prabhudas Lilladher
The Royal Enfield logo is displayed on the headlight of a Desert Storm motorcycle on display at the Eicher Motors Ltd. Royal Enfield flagship dealership in Gurgaon, India. (Photographer Prashanth Vishwanathan/Bloomberg)

Eicher Motors Posts In-Line Q3 Numbers; Demand Looking Up In Metros Too: Prabhudas Lilladher

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Prabhudas Lilladher Report

Eicher Motors Ltd.’s Q3 FY21 consolidated revenue/Ebitda/adjusted profit after tax were in line with standalone margins at 23.5% (our estimate 23.9%), while Volvo Eicher Commercial Vehicles Ltd.’s margins were higher at 8.6% (our estimate 6.4%).

While the production ramped up to 75,000 per month in line with healthy bookings (waiting of approximately one month), the near term challenge due to semiconductor shortage is likely.

Royal Enfield demand is now recovering in matured states like Maharashtra and Tamil Nadu (albeit at a low base) but for rural/tier-III markets it remains better.

Click on the attachment to read the full report:

Prabhudas Lilladher Eicher Motors Q3FY21 Result Update.pdf

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