Eicher Motors gains on ‘best ever Q1 performance’

Royal Enfield sold 225,368 (consolidated) motorcycles in the quarter, a 21.1% increase from 186,032 (consolidated) motorcycles for the same period in FY 2022-23.

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Stocks for Eicher Motors grew by around 1.6%, a day after the automobile major announced its June quarter results.

Eicher Motors reported a 50.4% rise on profits year-on-year to Rs 918.3 crore for the quarter ended June 2023. Revenues also rose by 17.3% to Rs 3,986.4 crore for the same quarter last year. On the operating front, EBITDA jumped 22.8% to Rs 1,020.9 crore with a margin expansion of 110 bps to 25.6% compared to year-ago period.

‘Solid start’

Talking about the results in a post earnings release, Siddhartha Lal, Managing Director & CEO, Eicher Motors, said the performance in FY23 was excellent giving them a solid start to FY2024. “Q1 has been significant for Eicher Motors Limited as both Royal Enfield and VECV have registered their best ever first quarter performance, and have recorded tremendous growth,” he said.

Royal Enfield sold 225,368 (consolidated) motorcycles in the quarter, a 21.1% increase from 186,032 (consolidated) motorcycles for the same period in FY 2022-23. In July 2023, sources told CNBC TV 18 that the premier motorcycle brand will be launching 4-5 new models in the next few months.

Analysts at NUVAMA maintained a Buy rating while increasing the Target Price to Rs 3,870, up from Rs 3,660 earlier. According to the report, with strong Q1 results that beat estimates, they expect a revenue CAGR of 11% over FY23–25E driven by new products and network expansion.

Recent launches such as the Hunter 350cc and Meteor 650cc, along with the upcoming line-up, has put the company in pole position to rev up growth in the face of higher competitive intensity. Exports are also likely to clock a healthy 10% CAGR over FY23–25E, buoyed by new products and improving penetration in the Americas, Europe, and Asia.