External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onEicher Motors EIM consolidated revenue for Q4FY24 grew by 11.9% YoY which was 1.8% higher than PLe while it was 1.1% below consensus estimate.</li><li>The growth in revenue was driven by mix improvement in 350+cc segment (+167bps YoY) while the refresher of Bullet/Himalayan also aided in the growth.</li><li>Consequently, ASP grew by 5% YoY/3.6% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onEicher Motors EIM consolidated revenue for Q4FY24 grew by 11.9% YoY which was 1.8% higher than PLe while it was 1.1% below consensus estimate.The growth in revenue was driven by mix improvement in 350+cc segment (+167bps YoY) while the refresher of Bullet/Himalayan also aided in the growth.Consequently, ASP grew by 5% YoY/3.6% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors (EIM IN) - Strong ASP Growth Led by Improvement in Mix

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>New Product Launches including EV in the offing: Multiple new products are slated to be launched in FY25 and the management strongly believes that each vehicle will have the potential to become a market leader in their own segments.</li><li>The company is working on an electric motorcycle (on the Him-E platform) and expects to launch a vehicle in CY25. </li><li>International market: Due to the unfavourable macroeconomic situation, industry growth has been stagnant/declining in the international markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Product Launches including EV in the offing: Multiple new products are slated to be launched in FY25 and the management strongly believes that each vehicle will have the potential to become a market leader in their own segments.The company is working on an electric motorcycle (on the Him-E platform) and expects to launch a vehicle in CY25. International market: Due to the unfavourable macroeconomic situation, industry growth has been stagnant/declining in the international markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors - Strong Q4FY24 Amidst Rising Competition

<ul><li>Eicher reported a strong set of Q3FY24 numbers with a beat on Revenue, EBITDA and PAT. Revenue beat our estimates by ~3% (up ~13%/3% YoY/QoQ).</li><li>The company’s sales volume was up 3% YoY (flat QoQ) to 228k units in Q3FY24.</li><li>Standalone EBITDA grew by ~30.1%/1.6% YoY/QoQ, an 8% beat mainly led by higher ASP (partly offset by higher net raw materials on a sequential basis). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher reported a strong set of Q3FY24 numbers with a beat on Revenue, EBITDA and PAT. Revenue beat our estimates by ~3% (up ~13%/3% YoY/QoQ).The company’s sales volume was up 3% YoY (flat QoQ) to 228k units in Q3FY24.Standalone EBITDA grew by ~30.1%/1.6% YoY/QoQ, an 8% beat mainly led by higher ASP (partly offset by higher net raw materials on a sequential basis). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors - Robust Q3FY24 Amidst Rising Competition & Slowing Exports

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Several catalysts on the horizon support the case for a re-rating of <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>. </li>
<li>The recent launch of the 450cc platform is positioned as a significant launch pad, propelling EIM's aspirations to establish global leadership in the middleweight segment.</li>
<li>We anticipate EIM to deliver higher-than-anticipated revenue growth with the possibility of a multiple re-rating for the company.</li>
</ul>


Several catalysts on the horizon support the case for a re-rating of Eicher Motors (EIM IN). 
The recent launch of the 450cc platform is positioned as a significant launch pad, propelling EIM's aspirations to establish global leadership in the middleweight segment.
We anticipate EIM to deliver higher-than-anticipated revenue growth with the possibility of a multiple re-rating for the company.


2024 High Conviction | Eicher Motors (EIM IN) | Himalayan Ambitions

<ul><li>Eicher reported a strong set of Q2FY24 numbers with EBITDA and PAT beating our estimate.</li><li>Revenue missed our estimates by 2% (up 16%/1% YoY/QoQ).</li><li>The company’s sales volume (reported earlier) was up 10%/1% YoY/QoQ to 229k units in Q2FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher reported a strong set of Q2FY24 numbers with EBITDA and PAT beating our estimate.Revenue missed our estimates by 2% (up 16%/1% YoY/QoQ).The company’s sales volume (reported earlier) was up 10%/1% YoY/QoQ to 229k units in Q2FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors  - Robust Q2FY24; Medium-Term Growth Drivers Intact

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Eicher Motors (EIM IN)