Eicher Motors - Expanding Hunter Beyond Tier-I, II Cities: Motilal Oswal

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Motilal Oswal Report

We met with the management of Eicher Motors Ltd. to get an update on the Royal Enfield business. Management sees stable demand in the domestic market and expects the next phase of growth to come from the ramp-up of Hunter in tier-III and smaller cities.

While Eicher Motors is witnessing a seasonal decline in export markets, it expects growth to be driven by the ramp-up in the portfolio and its reach in international markets.

Eicher Motors will continue to launch new products to address demand in international markets and to give upgrade options to Royal Enfield owners in India. Although the focus remains on profit growth over profitability, we believe there are levers for margin improvement in the near term.

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