- 11 Nov 2022
- ICICIdirect Research
EICHER POSTS STEADY SET OF Q2FY23 NUMBERS
EICHERMOT - 4707 Change: -75.70 (-1.58 %)News:
Consolidated revenues for Q2FY23 were at Rs 3,519 crore up 3.6% QoQ. EBITDA for the quarter was at Rs 822 crore with attendant EBITDA margins at 23.3%, down 112 bps QoQ. Consequent consolidated PAT was at Rs 657 crore, up 7.6% QoQ. PAT performance for the quarter was also supported by higher than expected other income
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The company performance came in on expected lines with the company reporting ~154 bps gross margin decline largely attributable to adverse product mix (Hunter 350 sales volumes for the quarter is pegged at ~35,300 units i.e. ~17% of total RE sales volume). Management commentary suggests robust demand prospects for its product profile with share of first time buyers on the rise and near zero product cannibalisation post Hunter 350 launch. The management also indicated at expansion in gross margins in coming quarters as input cost normalises with no production constraint as this point in time
Impact:
Positive