- 16 May 2022
- ICICIdirect Research
EICHER MOTORS POSTS HEALTHY Q4FY22 NUMBERS
EICHERMOT - 4821 Change: -11.15 (-0.23 %)News: Eicher Motors (EML) reported healthy performance in Q4FY22. Consolidated revenues for Q4FY22 were at Rs. 3,193 crore up 10.9% QoQ. EBITDA for the quarter was at Rs. 757 crore with attendant EBITDA margins placed at 23.7%, up 350 bps QoQ. The company reported ~350 bps gross margin expansion vs. our estimates of ~80 bps contraction. Consequent consolidated PAT was at Rs. 610 crore up 33.8% QoQ
Views: EBITDA margin for the quarter came in higher than anticipated amid ~10% QoQ growth in volumes at Royal Enfield. ASPs for Royal Enfield (RE) came in higher by 2.9% QoQ to ~Rs. 1.70 lakh/unit primarily attributable to price hike & higher share of exports. The company’s share of profit from VECV JV for the quarter was at Rs. 53.8 crore. It has declared a dividend of Rs. 21/share for FY22. It maintains a net cash positive balance sheet with CFO for FY22 at Rs. 1,527 crore and FCF at Rs. 886 crore
Impact: Positive