Eicher Motors Q2 Review - ASP Surprises Positively; Royal Enfield Volume Growth Awaited: ICICI Direct

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 Direct Report.Eicher Motors Ltd. posted healthy Q2 FY22 results that beat estimates. Consolidated revenues were at Rs 2,250 crore, up 13.9% QoQ. Reported Ebitda margins came in at 20.9%, up 250 bps QoQ. Consequent consolidated PAT was at Rs 373 crore, up 57.4% QoQ. Key triggers for future price performance:We expect 12.6% FY21-23E Royal Enfield volume CAGR aided by low base, abating of supply constraints, new product introduction (including Classic 350), network expansion benefits and higher exports.Continued VECV outperformance in CVs to lead to market share gains; we build 31% FY21-23E volume CAGR as cyclical recovery gathers pace.Overall FY21-23E consolidated net sales CAGR expected at 27.1%, with margins seen rising to 24.3% by FY23E riding on operating leverage gains.Click on the attachment to read the full report:. DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Eicher Motors Q2 Review - ASP Surprises Positively; Royal Enfield Volume Growth Awaited: ICICI Direct

Eicher Motors Q2 Review - ASP Surprises Positively; Royal Enfield Volume Growth Awaited: ICICI Direct

Choose a plan