CLSA has kept a buy call on the stock with a target at Rs 3,300 per share.
Eicher Motors
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Eicher Motors share price slipped nearly 3 percent in early trade on February 15 a day after the company reported its December quarter results.
Automotive major Eicher Motors Ltd has declared a consolidated net profit of Rs 456 crore for the third quarter ended December 2021, a decline of 14 percent compared to Rs 533 crore net it reported a year ago.
On a sequential basis, the profit is higher by 22 percent from Rs 373 crore reported in the previous quarter of the current financial year.
Consolidated revenues increased by 2 percent to Rs 2,881 crore compared to Rs 2,828 crore recorded in the same period of last year.
On a sequential basis, the revenues have grown by 28 percent from Rs 2,250 crore reported in the previous quarter.
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Here is what brokerages have to say about the stock and the company post December quarter earnings:
CLSA
Research house has kept buy call on the stock with a target at Rs 3,300 per share.
The Q3 missed expectations due to lower-than-expected performance by Royal Enfield. However, despite earnings miss, CLSA raised FY23-24 earnings estimates by 8%-9%.
The estimates raised on greater confidence in Royal Enfield volumes.
Prabhudas Lilladher
We cut our FY23/24 consolidated EPS by 4/%7% and maintain ‘BUY’ rating as the retail volumes are set to see recovery with uncertainty over semiconductor shortage resolving and strong pickup in new models.
Lower share of exports and inferior product mix led to QoQ decline in realizations. Company has reiterated its aggressive stance towards new product launches with a strong product pipeline over next 18 months. Company has created an alternative source for chips and expect chip shortage issue to resolve in near term.
We believe next leg of growth to come from new product launches and export market as we believe 1) key markets like Kerala and Chandigarh are saturated and 2) incessant price hikes are impacting vehicle affordability. We assign SoTP based target price of Rs 3,106 (v/s Rs 3,398), as we value S/A business at 27x and VECV at 17x on Dec-23E EPS.
At 09:18 hrs Eicher Motors was quoting at Rs 2,515.00, down Rs 53.55, or 2.08 percent on the BSE.
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