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Motilal Oswal Report
Eicher Motors Ltd.’s Q1 FY23 performance was above our estimates, led by lower than expected cost inflation. Easing supply chain issues and continued expansion of the product portfolio will aid the domestic recovery and support a ramp-up in exports.
Consolidated revenue/Ebitda/profit after tax grew 72%/129%/157% YoY to ~Rs 34 billion/Rs 8.3 billion/Rs 6.1 billion.
Royal Enfield volumes grew 51% YoY (flat QoQ). RE realisations improved by 12% YoY (~1% QoQ) to Rs 173,500/unit (our estimate: Rs 174,200).
Eicher Motors' standalone gross margin improved by 210 bp YoY (flat QoQ) to 42.7% (our estimate: 41.7%), benefitting from stable raw material cost and price hikes.
Ebitda margin improved by 680 bps YoY and 70 bps QoQ to 24.3% (our esitmate: 23%), further benefitting from lower other expenses (down 110 bps QoQ and 60 bps YoY).
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