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ICICI Securities Report
Eicher Motors Ltd.'s Q2 FY23 Ebitda margin at 23.3% was down 112 basis points QoQ due to 154 bps QoQ gross margin contraction on account of rise in Hunter mix.
Launch of Hunter-350 has served as a lighter and cheaper model to attract new customers to Royal Enfield brand (26% first-time buyers). With Hunter-350 creating marginal cannibalisation to the rest of portfolio, we are estimating RE to clock average volume of 80,000 units/month in the rest of FY23.
Declining input commodity prices, strong orderbook and securing of chip supply to help RE scale up ahead, and in turn improve profitability in coming quarters.
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