Advisory Analyst Note

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AnalystDate	11 Nov 2019
BSECode	505200
BlogURL	NA
NoteDescription	The management’s strategy to open studio stores in tier-2 & tier-3 cities will drive the volumes with increased presence. The demand situation has improved on the retail side during festivals but the sustenance remains a concern. However, the 650 twins have been growing robustly and lead to over 150%YoY growth in exports in 2QFY20. Going ahead we expect margins to remain under pressure because of new stores, new launches and increased promotional activities. The demand scenario on the CV side remained lull leading to reduction in overall profitability. Factoring the demand concerns and margin contraction, we reduce our FY21 PAT estimates by 2%. We value EICHERMOT at 21x FY21e EPS to arrive at a target price of Rs.19041 and maintain NEUTRAL rating.
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