*Eicher Motors Ltd.* | *CMP* Rs. 2522 | *M Cap* Rs. 68951 Cr | *52 W H/L* 3037/2015
(Nirmal Bang Retail Research)
No. of Vehicles Sold 138561 vs QoQ 129446,YoY 158686
*Result Above Expectation*
Revenue from Operations came at Rs. 2249.6 Cr (13.9% QoQ, 5.4% YoY) vs expectation of Rs. 1974 Cr, QoQ Rs. 1974.3 Cr, YoY Rs. 2133.6 Cr
EBIDTA came at Rs. 469.9 Cr (29.5% QoQ, -0.3% YoY) vs expectation of Rs. 359.4 Cr, QoQ Rs. 363 Cr, YoY Rs. 471.1 Cr
EBITDA Margin came at 20.9% vs expectation of 18.2%, QoQ 18.4%, YoY 22.1%
Adj. PAT came at Rs. 373.2 Cr vs expectation of Rs. 306.4 Cr, QoQ Rs. 237.1 Cr, YoY Rs. 343.3 Cr
Quarter EPS is Rs. 13.7
Share is trading at P/E of 24.4x FY23E EPS