Eicher Motors Q4 Review – Strong Order Backlog, New Launches To Drive Dispatches: Dolat Capital

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Eicher Motors Ltd. numbers were broadly in line with estimates in Q4 FY21.

Revenue grew 33% YoY to Rs 29.4 billion led by 26% growth in volume and 6% increase in net average selling price.

Adjusted Ebitda (excluding one off Rs 500 million relating to forex losses on loans at Brazil and provision for advances given to a vendor) stood at Rs 6.84 billion with margin to 23.2% (in line estimate).

The management stated that Q1 expected to be weak due to supply and production side challenges.

However, demand is firm and strong order backlog(~ three months), pent up demand and spurt in export numbers will aid volume growth from Q2 FY22.

Click on the attachment to read the full report:

Dolat Capital Eicher Motors Q4FY21 Result Update.pdf


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