Eicher Motors posts good Q4 results; here is what brokerages recommend

Sirali Gupta | May 13, 2024, 11:04 AM IST

Eicher Motors on Saturday reported an 18 per cent increase in consolidated profit after tax to Rs 1,070 crore for the fourth quarter that ended March 2024, driven by higher sales. Its total revenue rose 12 per cent to Rs 4,256 crore in the January-March quarter of FY24 compared to Rs 3,804 crore in the corresponding quarter of 2022-23.

Here is how brokerages view Eicher Motors:

1/10

Eicher Motors dividend

The company said its board recommended a final dividend aggregating to Rs 1,396.41 crore at Rs 51 per share for the financial year ended March 31, 2024.

2/10

Royal Enfield Sales

Royal Enfield, the two-wheeler division of the company, recorded sales of 2,27,925 motorcycles in the fourth quarter, up 6 per cent from 2,14,685 units in the year-ago period.

3/10

Morgan Stanley iterated 'underweight'

Morgan Stanley iterated 'underweight' and raised target to Rs 3,533 from Rs 3,209 apiece.

4/10

Goldman Sachs maintained 'buy' call

Goldman Sachs maintained 'buy' call and raised target to Rs 5,350 from Rs 4,750 apiece.

5/10

Citi continued a 'buy' call

Citi continued a 'buy' call and raised target price to Rs 5,300 from Rs 4,600 apiece.

6/10

Nomura maintained a 'neutral' stance

Nomura maintained a 'neutral' stance and gave target of Rs 3,760 apiece.

7/10

Macquarie maintained a 'neutral' rating

Macquarie maintained a 'neutral' rating and gave target of Rs 3,987 apiece.

8/10

CLSA downgraded to 'sell' from 'underperform'

CLSA downgraded to 'sell' from 'underperform' and raised target to Rs 4,157 from Rs 3,955 apiece.

9/10

Jefferies maintained a 'buy' call

Jefferies maintained a 'buy' call and raised target to Rs 6,000 from Rs 4,900 apiece.

10/10

JP Morgan continued a 'neutral' stance

JP Morgan continued a 'neutral' stance and raised the target to Rs 4,230 from Rs 3,700 apiece.

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