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Prabhudas Lilladher Report
Eicher Motors Ltd.'s Q1 FY22 standalone revenue declined 35% QoQ to Rs 19.1 billion (our estimate: 18 billion).
Realisation/volume came in at 8%/down 35% QoQ. Higher share of exports, mix improvement and price hikes led to growth in realisations.
Standalone margins came in at 17.5% (22.9% in Q4 FY21, our estimate 20.8%) impacted by lower scale of operation and higher fixed cost.
Eicher Motors has reiterated its aggressive stance of new product launches, though supply challenges may play a spoil sport in near term.
After series of delays, company is expected to launch new classic 350 by this month end.
We turn cautious on the stock given-
saturation in key markets of Kerala and Chandigarh and
price rise impacting vehicle affordability.
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