Eicher Motors Q2 Review — Above Estimate, Driven By Higher Realisation: Motilal Oswal
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Motilal Oswal Report
Eicher Motors Ltd.’s beat in performance was driven by growth in Royal Enfield realisation and lower staff cost.
With supply chain issues showing some signs of improvement, it expects volume performance to be better in H2 FY22.
Export focus and revenue from accessories are helping Royal Enfield improve its realisation.
We cut our FY22E consolidated earnings per share of Eicher Motors by 5% to account for lower volumes in FY22E, while maintaining our FY23E earnings estimates.
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