Eicher Motors Q3 Review - Healthy Valuations To Limit The Upside: ICICI Direct

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ICICI Direct Report

Eicher Motors Ltd. posted decent Q3 FY21 results. Consolidated revenues were at Rs 2,828 crore (up 19.3% YoY), tracking Royal Enfield volume of approximately 2 lakh units and flat average selling prices QoQ at Rs 1.4 lakh per unit.

Ebitda margins at 23.8% were up 168 basis points QoQ on the back of operating leverage benefits, with gross margins down ~110 bps QoQ.

Consequent consolidated profit after tax was at Rs 533 crore (up 6.8% YoY), with the share of profit from Volvo Eicher Commercial Vehicles Ltd. joint venture at Rs 31.4 crore.

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