Eicher Motors Q3 Results Review

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Eicher Motors Ltd. posted a mixed performance in Q3 FY23.

Consolidated revenues for Q3 FY23 were at Rs 3,721 crore up 5.7% QoQ. Average selling prices at Royal Enfield, were flat QoQ at ~Rs 1.6 lakh/unit. Royal Enfield sales volumes were at ~2.21 lakh units, up 6.6% QoQ.

Ebitda for the quarter was at Rs 857 crore with margins at 23%, down 30 basis points QoQ.

Eicher Motors reported ~64 bps gross margin decline (amid adverse product mix) and limited operating leverage gains (other expense as percentage of sales, down just ~40 bps).

Consolidated profit after tax was at Rs 741 crore, up 12.8% QoQ. The company’s share of profit from VE Commercial Vehicles Ltd. joint venture was at Rs 63.9 crore.

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