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Systematix Research Report
Eicher Motors Ltd.'s Q2 FY22 Ebitda performance was ahead of consensus and our estimates on a sharp beat on average realisation and gross margin performance.
Adjusted Ebitda margin at Royal Enfield and VE Commercial Vehicles Ltd. came in at 18.5% and 5.4%.
For Royal Enfield, the management indicated that the new launches (Classic 350 and Meteor) are seeing improved demand traction in the domestic market.
Further, Eicher Motors' average realisation of spares and merchandise has improved by 100% with the deployment of the Make it Yours app.
The supply chain constraints (from semiconductor shortages) are also easing out which should improve the H2 production.
Network expansion and improved product portfolio in the export markets are yielding positive results; exports now account for more than 10% of the topline versus 3% five years back.
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