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Yes Securities Report
Eicher Motors Ltd. Q2 FY25 consolidated results were operational weak with Ebitda/margins miss of 4-6%/~70 bp to our/street. This was led by lower-than expected margins in both standalone (led by lower avarege selling price and inflated other expense) and VECV (weak margins). Royal Enfield's margins expansion ahead will be guided by stable raw material, higher share of non-motorcycle revenues, platform related VAVE and exports.
The demand outlook is positive for domestic volumes are expected to see full benefits of new launches, undergoing market activation projects, conversion of pent-up demand in few states and upcoming marriage season.
Exports on the other hand to see gradual volume improvement.
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