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Systematix Research Report
Eicher Motors Ltd.'s Q3 FY23 Ebitda was inline with consensus but below our estimates owing to lower benefits from commodity costs correction for the quarter.
Ebitda margin at Royal Enfield and VE Commercial Vehicles Ltd. came in at 23.9% (up 20 basis points QoQ) and 6.8% (up 80 bps QoQ), respectively.
For Royal Enfield, management indicated that Hunter350 continues to see robust demand and new launches (Super Meteor 650 launched in Q3) should further support volumes.
Network expansion and improved product portfolio in export markets are yielding positive results; exports now account for 18% of the topline versus 5% a few years back.
We see signs of the two wheeler industry bottoming out, after a sharp slowdown post BS-VI transition, with consistently higher demand in the premium segment.
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