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Motilal Oswal Report
Eicher Motors Ltd.'s Q4 FY21 performance was in-line, supported by good volume recovery in both Royal Enfield and VE Commercial Vehicles Ltd.
Despite cost inflation, Ebitda margins per unit were stable QoQ.
Good response to Meteor, upcoming launches of the new Classic, and normalized production would support Royal Enfield volume recovery going forward.
VE Commercial Vehicles is also firmly on the recovery path.
We cut FY22E consolidated earnings per share by 7%, accounting for the Covid-19 impact on volumes and commodity inflation, while maintaining FY23E earnings estimates.
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