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Dolat Capital Report
Eicher Motors Ltd.'s Q1 numbers beat estimates led by improvement in gross margin, better geography mix and cost cutting measures.
Gross profit per vehicle increased by 6.2% QoQ. Ebitda margin stood at 24.5% with 75 basis points QoQ margin expansion.
We expect the launch of Hunter 350 will help in gaining market share in rural and urban space and will provide much needed boost to small studio outlets volume. It will also help to accelerate the volume of export (will be used as an entry level bike for the global market).
We expect easing supply chain issues, festive season demand, launch of Hunter and buoyant export will help to accelerate volume growth in coming months.
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