Eicher Motors Ltd.

• Expanding distribution network

  The company is increasing its presence in tier-two cities, with a smaller-store format. The return on these investments should come back once economic recovery picks pace.

• December motorcycle sales - look beyond numbers

  December motor cycle sales were better than expected. Premium bike sales are highly dependent on availability of finance to both consumers and dealers. Higher sales in December indicate that liquidity in supply chain of automobile sector, which had been under stress for long, might be improving.

• Super premium category - secondary sales

  Super premium bike segment, above 350cc, has a high turnover in the secondary-sale market. Being an unorganised market, there are no official numbers, though. First signs of recovery will come from increased transaction on some digital platforms.

• Quarterly Topline Performance

  Company witnessed QoQ revenue growth of 139.55%, which is highest in the last 3 years. (Source: Consolidated Financials)

• PE Ratio(x)71.55
• EPS - TTM(₹)39.93
• MCap(₹ Cr.)78,069.77
• MCap Rank5
• PB Ratio(x)7.90
• Div Yield(%)0.44
• Face Value(₹)1.00
• 52W High(₹)2,949.00
• 52W Low(₹)1,245.01
• MCap/Sales3.90
• Beta(1 Month)2.47
• BV/Share(₹)365.30

• PE Ratio(x)71.56
• EPS - TTM(₹)39.93
• MCap(₹ Cr.)77,714.57
• MCap Rank5
• PB Ratio(x)7.92
• Div Yield(%)0.44
• Face Value(₹)1.00
• 52W High(₹)2,950.25
• 52W Low(₹)1,246.00
• MCap/Sales3.90
• Beta(1 Month)2.54
• BV/Share(₹)365.30

• 1 Day-1.02%
• 1 Month15.44%
• 3 Months27.07%
• 1 Year38.54%
• 3 Years2.11%
• 5 Years75.93%

• 1 Day-1.0%
• 1 Month15.38%
• 3 Months27.02%
• 1 Year38.53%
• 3 Years2.09%
• 5 Years75.34%

• Stock market update: Nifty Auto index climbs 2%; Tata Motors soars 10%

  News

• Stock market update: 132 stocks hit 52-week highs on NSE

  News

• Statement Of Investor Complaints For The Quarter Ended December 2020

  Announcements

• BUY

  Buy Eicher Motors, target price Rs 2818: ICICI Securities

  Recos

• Income (P&L)

  • Quarterly Topline Performance

    Company witnessed QoQ revenue growth of 139.55%, which is highest in the last 3 years. (Source: Consolidated Financials)

  • Topline Contraction

    Sales de-grew by 5.31%. Company witnessed revenue contraction for the first time in last 3 years. (Source: Consolidated Financials)

  QuarterlyAnnual	Sep 2020	Jun 2020	Mar 2020	Dec 2019	Sep 2019
  Total Income	2,233.58	932.39	2,351.30	2,505.71	2,337.50
  Total Income Growth (%)	139.55	-60.35	-6.16	7.20	-6.59
  Total Expenses	1,767.38	912.57	1,884.92	1,873.93	1,740.87
  Total Expenses Growth (%)	93.67	-51.59	0.59	7.64	-6.16
  EBIT	466.20	19.82	466.38	631.78	596.63
  EBIT Growth (%)	2,252.17	-95.75	-26.18	5.89	-7.82
  PAT	343.34	-55.18	304.28	498.70	572.69
  PAT Growth (%)	-	-118.13	-38.99	-12.92	26.77
  EBIT Margin (%)	20.87	2.13	19.83	25.21	25.52
  Net Profit Margin (%)	15.37	-5.92	12.94	19.90	24.50
  Basic EPS (₹)	12.58	-2.02	111.44	182.69	209.87

  QuarterlyAnnual	Sep 2020	Jun 2020	Mar 2020	Dec 2019	Sep 2019
  Total Income	2,223.08	884.47	2,325.69	2,499.36	2,326.82
  Total Income Growth (%)	151.35	-61.97	-6.95	7.42	-8.43
  Total Expenses	1,743.10	865.13	1,834.15	1,862.55	1,724.82
  Total Expenses Growth (%)	101.48	-52.83	-1.52	7.99	-5.75
  EBIT	479.98	19.34	491.54	636.81	602.00
  EBIT Growth (%)	2,381.80	-96.07	-22.81	5.78	-15.31
  PAT	360.86	12.30	346.18	488.94	570.46
  PAT Growth (%)	2,833.82	-96.45	-29.20	-14.29	14.50
  EBIT Margin (%)	21.59	2.19	21.14	25.48	25.87
  Net Profit Margin (%)	16.23	1.39	14.89	19.56	24.52
  Basic EPS (₹)	13.22	0.45	126.79	179.11	209.05

  QuarterlyAnnual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Revenue	9,696.83	10,240.45	9,245.06	7,260.69	6,351.55
  Total Revenue Growth (%)	-5.31	10.77	27.33	14.31	-28.20
  Total Expenses	7,373.65	7,201.56	6,385.97	5,016.78	4,622.57
  Total Expenses Growth (%)	2.39	12.77	27.29	8.53	-41.14
  Profit after Tax (PAT)	1,827.44	2,202.73	1,959.67	1,667.08	1,338.04
  PAT Growth (%)	-17.04	12.40	17.55	24.59	117.44
  Operating Profit Margin (%)	25.58	31.09	31.95	31.95	28.04
  Net Profit Margin (%)	19.96	22.48	21.85	23.70	21.67
  Basic EPS (₹)	669.52	807.76	719.69	613.12	493.07

  QuarterlyAnnual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Revenue	9,692.81	10,302.52	9,289.94	7,265.28	6,469.68
  Total Revenue Growth (%)	-5.92	10.90	27.87	12.30	105.55
  Total Expenses	7,262.47	7,152.02	6,329.69	4,988.29	4,616.67
  Total Expenses Growth (%)	1.54	12.99	26.89	8.05	96.50
  Profit after Tax (PAT)	1,903.82	2,054.44	1,712.91	1,560.02	1,309.22
  PAT Growth (%)	-7.33	19.94	9.80	19.16	134.24
  Operating Profit Margin (%)	26.89	32.19	33.08	32.39	29.98
  Net Profit Margin (%)	20.97	20.97	19.12	22.16	21.16
  Basic EPS (₹)	697.50	753.37	629.07	573.75	482.45

  All figures in Rs Cr, unless mentioned otherwise

• Balance Sheet

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Assets	12,449.72	11,386.83	9,522.23	7,009.08	4,939.01
  Total Assets Growth (%)	9.33	19.58	35.86	41.91	-22.92
  Total Liabilities	2,468.79	2,468.11	2,492.16	1,664.01	1,285.92
  Total Liabilities Growth (%)	0.03	-0.97	49.77	29.40	-54.18
  Total Equity	9,980.93	8,918.72	7,030.07	5,345.07	3,653.09
  Total Equity Growth (%)	11.91	26.87	31.52	46.32	1.45
  Current Ratio (x)	3.15	2.10	1.12	0.90	0.87
  Total Debt to Equity (x)	0.01	0.02	0.02	0.02	0.01
  Contingent Liabilities	340.58	413.66	421.26	569.06	281.96

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Assets	10,579.01	9,477.41	7,794.67	5,540.26	3,623.91
  Total Assets Growth (%)	11.62	21.59	40.69	52.88	62.59
  Total Liabilities	2,303.67	2,350.96	2,422.44	1,617.67	1,287.50
  Total Liabilities Growth (%)	-2.01	-2.95	49.75	25.64	29.37
  Total Equity	8,275.34	7,126.45	5,372.23	3,922.59	2,336.41
  Total Equity Growth (%)	16.12	32.65	36.96	67.89	89.39
  Current Ratio (x)	3.40	2.22	1.15	0.92	0.87
  Total Debt to Equity (x)	0.00	0.01	0.02	0.02	0.01
  Contingent Liabilities	167.35	422.79	456.72	533.61	39.88

  All figures in Rs Cr, unless mentioned otherwise

• Cash Flows

  • Increase in Cash from Investing

    Company has used Rs 1508.41 cr for investing activities which is an YoY increase of 128.59%. (Source: Consolidated Financials)

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Net Cash flow from Operating Activities	1,694.13	1,575.47	2,482.25	1,707.97	1,463.08
  Net Cash used in Investing Activities	-1,508.41	-659.88	-2,145.02	-1,743.58	-1,001.40
  Net Cash flow from Financing Activities	-858.26	-292.30	-262.01	25.29	-465.52
  Net Cash Flow	-672.54	623.29	75.22	-10.32	-3.84
  Closing Cash & Cash Equivalent	43.21	715.75	92.46	17.24	13.28
  Closing Cash & Cash Equivalent Growth (%)	-93.96	674.12	436.31	29.82	-97.24
  Total Debt/ CFO (x)	0.09	0.12	0.06	0.07	0.02

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Net Cash flow from Operating Activities	1,731.16	1,608.19	2,515.39	1,760.91	1,474.33
  Net Cash used in Investing Activities	-1,519.33	-672.69	-2,158.46	-1,752.36	-1,017.30
  Net Cash flow from Financing Activities	-883.36	-334.25	-280.44	-18.67	-465.52
  Net Cash Flow	-671.53	601.25	76.49	-10.12	-8.49
  Closing Cash & Cash Equivalent	19.00	690.53	89.28	12.79	8.63
  Closing Cash & Cash Equivalent Growth (%)	-97.25	673.44	598.05	48.20	-79.95
  Total Debt/ CFO (x)	0.00	0.05	0.03	0.04	0.02

  All figures in Rs Cr, unless mentioned otherwise

• Ratios

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Return on Equity (%)	18.30	24.69	27.87	31.18	36.62
  Return on Capital Employed (%)	22.46	32.79	39.47	41.01	46.36
  Return on Assets (%)	14.67	19.34	20.57	23.78	27.09
  Interest Coverage Ratio (x)	124.05	415.58	536.41	631.31	816.56
  Asset Turnover Ratio (x)	73.52	86.03	94.14	100.34	124.99
  Price to Earnings (x)	19.57	25.45	39.53	41.84	38.91
  Price to Book (x)	3.58	6.28	10.99	13.01	14.23
  EV/EBITDA (x)	12.09	15.91	24.67	28.99	27.82
  EBITDA Margin (%)	29.75	34.15	34.44	34.14	30.25

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Return on Equity (%)	23.00	28.82	31.88	39.77	56.03
  Return on Capital Employed (%)	28.00	42.05	52.91	56.17	76.58
  Return on Assets (%)	17.99	21.67	21.97	28.15	36.12
  Interest Coverage Ratio (x)	224.79	1,054.68	974.77	817.13	875.06
  Asset Turnover Ratio (x)	85.80	103.34	114.91	127.03	170.70
  Price to Earnings (x)	18.80	27.32	45.25	44.64	39.84
  Price to Book (x)	4.32	7.86	14.38	17.73	22.25
  EV/EBITDA (x)	11.64	15.40	23.90	28.60	26.09
  EBITDA Margin (%)	31.05	35.24	35.56	34.57	32.19

• Management View (MD&A)

  • Challenging times

    The year 2019-20 was challenging for the industry in the wake of demand remaining weak on account of economic slowdown, price increases due to regulatory changes and the outbreak of the Coronavirus pandemic towards the end of the year. The despatches were lower in the second half of the year as compared to the first half of the year by 20% as the industry sought to clear the BS IV inventory with the dealerships before the regulatory deadline of March 31, 2020

  • Financing channels hold the key

    Access to financing is an important lever to improve the overall affordability for a customer. An increased focus on enhancing availability of financing at all the stores has yielded positive results as the share of motorcycle sales through financing improved from 51% in 2018-19 to 53% in 2019-20.

  • Personalising riding experience

    During the year, your Company made its apparel range more accessible by partnering with new channels and offering more choices. Customers have also been presented with an opportunity to design and personalise their own helmets.

• Buy/Sell Signals

  No Data Available

• Price Analysis
  46%

  Positive Movement
  since 1st Jan 2005
  on basis

  54%

  Negative Movement
  since 1st Jan 2005
  on basis

  Exclude

  Global Meltdown1st Jan 2008 to 10th Nov 2008

  Covid Crisis1st Feb 2020 to 31st Mar 2020

• Pivot Levels

  R1	2892.87	Pivot 2866.43	S1	2830.87
  R2	2928.43		S2	2804.43
  R3	2990.43		S3	2742.43

• Average True Range

  5 Days	14 Days	28 Days
  83.52	79.72	77.23

• Stock Performance

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 2.44% as compared to Nifty 100 which gave a return of 31.44%. (as of last trading session)

  • Stock Returns vs Nifty Auto

    Stock generated 2.44% return as compared to Nifty Auto which gave investors -13.19% return over 3 year time period. (as of last trading session)

  • CHART
  • TABLE

  • 1D
  • 1W
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y

  • Choose from Peers

    Choose from Stocks

  NAME	1D	1W	1M	3M	1Y	3Y	5Y
  Eicher Motors	-1.02	3.49	15.44	27.07	38.54	2.11	75.93
  Bajaj Auto	0.12	1.45	9.43	18.26	14.62	13.09	54.18
  Hero MotoCorp	-1.95	1.33	2.91	-3.36	29.35	-11.73	31.93
  TVS Motor	-1.11	-1.18	4.81	10.62	4.77	-31.49	82.22
  Atul Auto	-2.00	0.81	-3.00	14.88	-24.67	-58.69	-63.62
  Add More

  All values in %

  Choose from Peers

  Choose from Stocks
• Ratio Performance

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 2.44% as compared to Nifty 100 which gave a return of 31.44%. (as of last trading session)

  • Stock Returns vs Nifty Auto

    Stock generated 2.44% return as compared to Nifty Auto which gave investors -13.19% return over 3 year time period. (as of last trading session)

  NAME	P/E (x)	P/B (x)	ROE %	ROCE %	ROA %	Rev CAGR [3Yr]	OPM	NPM	Basic EPS	Current Ratio	Total Debt/ Equity (x)	Total Debt/ CFO (x)
  Eicher Motors	71.55	7.82	18.30	22.46	14.67	10.02	25.58	19.61	669.52	3.15	0.01	0.09
  Bajaj Auto	24.29	4.78	24.06	28.63	19.66	10.89	21.30	16.34	180.20	1.56	0.00	0.00
  Hero MotoCorp	25.35	4.40	25.25	25.62	18.49	0.96	13.48	12.39	182.15	2.02	0.01	0.04
  TVS Motor	107.01	6.69	19.03	19.14	3.23	14.24	9.38	3.47	13.15	0.97	2.74	24.11
  Atul Auto	20.71	1.33	17.41	21.76	14.08	9.47	10.85	8.35	24.42	1.97	0.00	0.00
  Add More

  Annual Ratios (%)

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• QoQ Change
  Category	30 Sep 2020	30 Jun 2020	31 Mar 2020	31 Dec 2019
  Promoters	49.25	49.28	49.28	49.28
  Pledge	0.00	0.00	0.00	0.00
  FII	28.16	26.95	27.71	31.19
  DII	9.94	11.94	11.12	8.21
  Mutual Funds	6.96	9.32	8.49	6.09
  Others	12.65	11.83	11.89	11.32

• Total Shareholdings
  Category	No. of Shares	Percentage	% Change QoQ
  Promoters	13,45,64,270	49.25 %	-0.03
  Pledge	0	0.00 %	0.00
  FII	7,69,36,717	28.16 %	1.21
  DII	2,71,68,184	9.94 %	-2.00
  MF	1,90,09,807	6.96 %	-2.36
  Others	3,45,59,979	12.65 %	0.82

• SBI Bluechip Direct-G

  Equity: Large Cap

  3

  • 534.16

    Amount Invested (in Cr.)

  • 2.06%

    % of AUM

  • 0.00

    % Change (MoM basis)

• SBI ETF Nifty 50-D

  Equity: Large Cap

  • 523.16

    Amount Invested (in Cr.)

  • 0.58%

    % of AUM

  • 2.09

    % Change (MoM basis)

• Motilal Oswal Multicap 35 Direct-G

  Equity: Multi Cap

  3

  • 506.18

    Amount Invested (in Cr.)

  • 4.22%

    % of AUM

  • -6.98

    % Change (MoM basis)

• Futures
  • Expiry Month28-01-2021 (Current)25-02-2021 (Near)25-03-2021 (Far)

  Date	Price
  27-09-2020Current	2,863.15-30.10 (-1.04%)
  2,880.45 Open	2,904.50 High	2,841.00 Low
  2,893.25 Prev Close	2,829 Contracts Traded	28,457.97 Turnover (₹ Lakhs)

• Options
  • TypeCEPE
  • Expiry Month28-01-2021 (Current)25-02-2021 (Near)25-03-2021 (Far)
  • Strike Price1550.01600.01650.01700.01750.01800.01850.01900.01950.02000.02050.02100.02150.02200.02250.02300.02350.02400.02450.02500.02550.02600.02650.02700.02750.02800.02850.02900.02950.03000.03050.03100.03150.03200.03250.03300.03350.03400.0

  Date	Price
  27-09-2020Current	0.00-623.20 (-100.00%)
  0.00 Open	0.00 High	0.00 Low
  623.20 Close	0 Contracts Traded	0.00 Turnover (₹ Lakhs)

• Recent

  Board Meeting

  Quarterly Results

  Oct 30, 2020

  Board Meeting

  Quarterly Results

  Jul 27, 2020

  General Meeting

  -

  Jul 15, 2020

• Board Meetings

  Announced on	Meeting on
  Oct 30, 2020	Nov 12, 2020
  Quarterly Results
  Jul 27, 2020	Aug 13, 2020
  Quarterly Results
  May 26, 2020	Jun 12, 2020
  Audited Results & Stock Split
  Mar 02, 2020	Mar 11, 2020
  Interim Dividend
  Jan 21, 2020	Feb 06, 2020
  Quarterly Results

• Dividends

  Announced on	Ex-Date	Dividend%
  Mar 11, 2020	Mar 19, 2020	1250%
  May 10, 2019	Jul 24, 2019	1250%
  May 09, 2018	Aug 02, 2018	1100%
  May 08, 2017	Jul 31, 2017	1000%
  Mar 14, 2016	Mar 22, 2016	1000%

• Bonus

  No Data Available

• Splits

  Announced on	Ex-Date
  Jun 12, 2020	Aug 24, 2020
  Split: Old FV10.0| New FV:1.0

• Rights

  Announced on	Ex-Date
  Dec 22, 1994	Jan 03, 1994
  Rights ratio: 1 share for every 1 held at a price of Rs 10.0

• AGM/EGM Meetings

  Announced on	Meeting on
  Jul 15, 2020	Aug 10, 2020
  -
  May 10, 2019	Aug 01, 2019
  Book closure from Jul 26, 2019 to Aug 1, 2019
  May 10, 2019	-
  Book closure from Jul 26, 2019 to Aug 1, 2019
  May 10, 2019	-
  Book closure from Jul 26, 2019 to Aug 1, 2019
  May 10, 2019	-
  Book closure from Jul 26, 2019 to Aug 1, 2019

Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 78069.77 Crore) operating in Auto sector. Eicher Motors Ltd. key Products/Revenue Segments include Automobile - 2 Wheelers which contributed Rs 7947.59 Crore to Sales Value (87.55 % of Total Sales), Spare Parts & Components which contributed Rs 628.97 Crore to Sales Value (6.92 % of Total Sales), Traded Goods which contributed Rs 432.13 Crore to Sales Value (4.76 % of Total Sales), Export Incentives which contributed Rs 37.32 Crore to Sales Value (0.41 % of Total Sales), Scrap which contributed Rs 17.38 Crore to Sales Value (0.19 % of Total Sales) and Other Operating Revenue which contributed Rs 14.08 Crore to Sales Value (0.15 % of Total Sales)for the year ending 31-Mar-2020.For the quarter ended 30-09-2020, the company has reported a Consolidated sales of Rs 2133.60 Crore, up 163.68 % from last quarter Sales of Rs 809.16 Crore and down -1.75 % from last year same quarter Sales of Rs 2171.54 Crore Company has reported net profit after tax of Rs 347.19 Crore in latest quarter.The company’s top management includes Mr.Inder Mohan Singh, Mr.S Sandilya, Mr.Siddhartha Lal, Mr.Vinod Aggarwal, Mr.Vinod K Dasari, Ms.Manvi Sinha. Company has S R Batliboi & Co. LLP as its auditors. As on 30-09-2020, the company has a total of 273,229,150 shares outstanding. Show More

Eicher Motors Ltd. share price moved down by -1.02% from its previous close of Rs 2,886.60. Eicher Motors Ltd. stock last traded price is 2,857.30

Eicher Motors Ltd. share price moved down by -1.00% from its previous close of Rs 2,886.50. Eicher Motors Ltd. stock last traded price is 2,857.65

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