Eicher Motors jumps as Royal Enfield maker posts robust Q4 results, Rs 1,000 cr capex plan with EV in focus
Eicher Motors share price NSE: Shares of Royal Enfield maker Eicher Motors opened 2.5 per cent higher on Friday, a day after the auto major announced robust March quarter results. Most brokerages have raised the target price on the stock.
Eicher Motors share price NSE, Eicher Motors Q4 results: Shares of Royal Enfield maker Eicher Motors opened 2.5 per cent higher on Friday, a day after the auto major announced robust March quarter results. Most brokerages have raised the target price on the stock. Eicher Motors shares opened at Rs 3,520 apiece on NSE. At 10:12 AM, Eicher Motors shares zoomed around 6 per cent or Rs 198.9 to Rs 3,604.2 on NSE. Eicher Motors' consolidated net profit or profit after tax (PAT) came in at Rs 906 crore in Q4FY23, rising 49 per cent year-on-year (YoY), from Rs 610 crore the company had posted a year ago in the same quarter. Zee Business research had estimated Eicher Motors PAT to come in at Rs 800 crore. Eicher Motors' revenue rose 19.1 per cent YoY to Rs 3,804 crore, beating Zee Business's estimate of Rs 3,700 crore.
The Royal Enfield maker had posted Rs 3,193 crore revenue in the March quarter a year ago. Eicher Motor's margin in Q4FY23 improved to 24.5 per cent YoY, beating the estimate of 24.3 per cent. Its margin in Q4FY22 was 23.7 per cent. Eicher Motors also declared a final dividend of Rs 37 per share along with its results.
The board of Eicher Motors also approved a Rs 1,000 crore capex plan for FY24 that also includes the investment towards an electric vehicle (EV) manufacturing facility. Eicher Motor’s flagship motorcycle brand Royal Enfield sales volume came in at 214, 685 units, down a per cent sequentially but rising 18 per cent YoY.
India Vs Australia LIVE Score, 3rd ODI Match Updates, IND VS AUS live Scorecard: Rohit Sharma's men eye clean sweep against struggling Aussies at Rajkot
Eicher Motors share price target: Should you buy, sell or hold?
Most brokerages have raised the target on Eicher Motors' stock price and maintained a 'buy' rating on Royal Enfield-maker's share price. Morgan Stanley has set a target price of Rs 3,553, while Goldman Sachs has raised it to Rs 3,990 from a previous target of Rs 3,660. Citi has raised the target to Rs 4,800 suggesting an upside potential of 41 per cent. CLSA has raised its target to Rs 4,266 from the previous Rs 4,034, raising it by 6 per cent and 18 per cent from today's price levels.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
India vs Australia 3rd ODI Free Live Streaming: When and How to watch IND VS AUS match live on Web, tv, mobile apps online
NPS Tier II Default Scheme: Flexibility, easy withdrawals, and no minimum balance; here's what makes it a smart choice
Debt Mutual Funds vs Fixed Deposits: Are debt funds a better choice for higher returns and early withdrawal?
Amazon Great Indian Festival Sale 2023 likely to begin soon; discounts, exchange and bank offers, and more