Eicher Motors Q3 Results Review - Demand Weakness Persists: Motilal Oswal

Motilal Oswal Report

Eicher Motors Ltd.'s Q3 FY24 operating performance came in below our estimates even as benefits from an improved mix were offset by higher launch expenses incurred during the quarter.

We maintain our FY24E/FY25E earning per share for standalone and VE commercial vehicles. Given the lack of demand triggers, we reiterate our 'Neutral' rating on the stock with a target price of Rs 3,930 (March- 26E based sum of the parts).

Q3 FY24 consolidated revenue/Ebitda/adjusted profit after tax grew ~12%/27%/34% YoY to Rs 41.8 billion/Rs 10.9 billion/Rs 10 billion (versus estimate Rs 40.2 billion/10.9 billion/9.65 billion). Nine months FY24 revenues/Ebitda/adj. PAT grew 15%/27%/46% YoY.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.