Eicher Motors’ shares slipped nearly 3 percent at the beginning of trading on February 15 the day after the company reported the results of the December quarter.
Automotive Major Eicher Motors Ltd has stated the consolidated net income of Rs 456 Crore for the quarter that ended December, a 14 percent decline from RS 533 Crore a year ago.
In sequence, a higher profit of 22 percent of the RS 373 Crore reported in the previous quarter of the current financial year.
Consolidated income increased two percent to Rs 2,881 Crore from Rs 2,828 Crore in the same period last year.
In sequence, revenues grew 28 percent from Rs 2,250 Crore in the previous quarter.
This is what the broker said about stock and company after December quarter income:
CLSA.
Research houses have made buying calls on shares with targets at Rs 3,300 per share.
The quarter passed expectations because of the lower performance than expected by the Royal Enfield. However, regardless of profit, CLSA raised the estimation of FY23-24 income of 8-9% to greater trust in the volume of Royal Enfield.
Prabhudas Lilladher.
“We cut our EPS consolidation of FY23 / 24 we with 4/7% and maintain a purchase rating because the retail volume is set to see recovery with uncertainty about missing semiconductor deficiencies and strong pickups in new models,” Prabhudas Lilladher said.
The export section and a lower inferior product mixture causes a QoQ decline in realization. The company has reaffirmed its aggressive attitude to the launch of a new product with a strong pipe for the next 18 months. It has created an alternative source for chips and expects a shortage of chips to go in the near future.
“We believe the next legal leg comes from the launch of new products and export markets because we believe 1) the main markets such as Kerala and Chandigarh are saturated and 2) the increase in prices that endlessly affect the affordability of the vehicle. We set the RSP-based target price of RSP 3,106 ( V / S RS 3.398), because we value business at 27x and VECV at 17x on EPS Dec-23e, “added Prabhudas Lilladher.
At 9:18 HRS Eicher Motors quotes at Rs 2,515.00, down RS 53.55 or 2.08 percent in BSE.