Motilal Oswal's research report on Eicher Motors
Eicher Motors (EIM) reported in-line result, as the good performance of RE was offset by the miss in VECV. With supply chain issues likely to ease post2QFY23E, the continued product portfolio expansion will aid domestic recovery and support ramp-up in exports.
We increase our FY23E/FY24E consolidated EPS by 5.5%/4.0% to reflect the better margins for RE and volume upgrades for VECV. Maintain BUY with a TP of INR2,900 (premised on Jun’24E SoTP).
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