EICHERMOT · Automobile and Auto Components
Eicher Motors Ltd. reported revenue of ₹4,256 cr for January to March 2024, — on the year and +1.8% on the quarter.
Operating profit (EBITDA) was ₹1,129 cr, a margin of 26.5%, — on the year and +44 bps on the quarter.
Net profit was ₹1,070 cr, — on the year and +7.4% on the quarter, with earnings per share of ₹39.10.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹146.18 over the last four quarters, the stock at ₹7,254.50 trades at 49.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 32% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,115 cr | ₹4,179 cr | ₹4,256 cr | ₹4,393 cr | ₹4,263 cr | ₹4,973 cr | ₹5,241 cr | ₹5,042 cr | ₹6,172 cr | ₹6,114 cr | ₹6,080 cr | ₹6,632 cr |
| YoY | — | — | — | +10% | +4% | +19% | +23% | +15% | +45% | +23% | +16% | +32% |
| EBITDA margin | 26.4% | 26.1% | 26.5% | 26.5% | 25.5% | 24.2% | 24.0% | 23.9% | 24.5% | 25.5% | 24.9% | 24.0% |
| Other income, % of PBT | 29% | 28% | 32% | 32% | 34% | 31% | 38% | 38% | 27% | 26% | 35% | 33% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 23% | 23% | 24% | 19% | 20% | 18% | 24% | 23% | 21% | 22% | 24% |
| Net profit | ₹1,016 cr | ₹996 cr | ₹1,070 cr | ₹1,101 cr | ₹1,100 cr | ₹1,170 cr | ₹1,362 cr | ₹1,205 cr | ₹1,369 cr | ₹1,421 cr | ₹1,520 cr | ₹1,463 cr |
| YoY | — | — | — | +20% | +8% | +17% | +27% | +9% | +24% | +21% | +12% | +21% |
| Core profit YoY | — | — | — | +13% | −4% | +8% | +10% | +1% | +45% | +32% | +21% | +30% |
| EPS | ₹37.12 | ₹36.38 | ₹39.10 | ₹40.20 | ₹40.15 | ₹42.70 | ₹49.68 | ₹43.95 | ₹49.93 | ₹51.79 | ₹55.41 | ₹53.28 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Eicher Motors Ltd. reported revenue of ₹4,256 cr (— on the year) and net profit of ₹1,070 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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