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ICICI Securities Report
Eicher Motors Ltd.'s Q4 FY21 standalone performance missed consensus estimates as Ebitda margin came in at 22%, primarily due to gross margin compression (down ~322 basis points YoY), one-time provisions (70 basis points).
Royal Enfield has undertaken price increases in January-March 2021 (3-8%) to mitigate input cost impact on margins.
We continue to like the Royal Enfield's customer-centricity/market expansion strategy via:
- New product launches (highest new launches (we expect four) in its history) to expand addressable market following the footsteps of Meteor-350.
- Improving consumer experience with initiatives like 'make-it-yours' vehicle customisation app, service on wheels.
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