Eicher Motors - Transitioning Towards Growth Phase: Axis Securities
Eicher Motors Royal Enfield domestic sales contracted by 13% compound annual growth rate over FY19-22 led by multiple headwinds.
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Axis Securities Report
Royal Enfield domestic sales contracted by 13% compound annual growth rate over FY19-22 led by multiple headwinds. Covid-led lockdowns and higher vehicle prices on account of commodity inflation, weak consumer sentiments, and supply-chain constraints led to lower sales.
However, both demand and supply constraints are easing now and lowering commodity prices coupled with vehicle prices that are expected to remain stable would drive an uptick in sales moving forward.
In order to gauge the market sentiments, we interacted with over 22 plus dealers on a pan-India basis. Our channel checks suggests 20% higher enquiries and footfall in September 2022 and strong customer response towards the newly launched Hunter 350.
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