Eicher Motors Posts In-Line Q3 Numbers; Demand Looking Up In Metros Too: Prabhudas Lilladher

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Prabhudas Lilladher Report

Eicher Motors Ltd.’s Q3 FY21 consolidated revenue/Ebitda/adjusted profit after tax were in line with standalone margins at 23.5% (our estimate 23.9%), while Volvo Eicher Commercial Vehicles Ltd.’s margins were higher at 8.6% (our estimate 6.4%).

While the production ramped up to 75,000 per month in line with healthy bookings (waiting of approximately one month), the near term challenge due to semiconductor shortage is likely.

Royal Enfield demand is now recovering in matured states like Maharashtra and Tamil Nadu (albeit at a low base) but for rural/tier-III markets it remains better.

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