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Prabhudas Lilladher Report
Eicher Motors Ltd.'s consolidated Ebitda margin at 23.7% (up 350 basis points QoQ, our estimate: 23%) surprised positively.
Demand scenario for Royal Enfield is healthy besides good traction received for Classic 350, Meteor 350 and newly launched Scram 411.
Semiconductor supply is also improving month-on-month as Eicher Motors boarded two new vendors over FY22.
Further, exports business is witnessing strong growth led by channel expansion and market share gains; exports volumes grew ~110% in FY22.
For VE Commercial Vehicles Ltd., demand continues to witness traction led by cyclical recovery. Demand for compressed natural gas variants is strong amidst rising fuel cost scenario.
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