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EICHER MOTORS LTD.

NSE : EICHERMOTBSE : 505200ISIN CODE : INE066A01013Industry : Automobile Two & Three WheelersHouse : Eicher
BSE15392.20-133.5 (-0.86 %)
PREV CLOSE ( ) 15525.70
OPEN PRICE ( ) 15562.40
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 15392.20 (2)
VOLUME 26229
TODAY'S LOW / HIGH ( )15280.00 15562.40
52 WK LOW / HIGH ( )15280 29799.95
NSE15383.45-139.9 (-0.9 %)
PREV CLOSE( ) 15523.35
OPEN PRICE ( ) 15530.00
BID PRICE (QTY) 15383.45 (98)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 208325
TODAY'S LOW / HIGH( ) 15265.15 15574.75
52 WK LOW / HIGH ( )15265.15 29800
AnalystEmailIdswati.singh@narnolia.com
AnalystNameSwati Singh
BSECode505200
CP1DesignationMD
CP1NameMr. Siddharth Lal
CP2DesignationCFO
CP2NameMr. Lalit Malik
CP3DesignationCEO, Royal Enfield
CP3NameMr. Vinod Dasari
CallDate31 Jul 2019
DescriptionRoyal Enfield The company has given the total production guidance of 9.5 lakhs units for FY20. The demand in two-wheeler industry remains weak due to slowing economic growth, tightening liquidity and regulation driven price increases that have led to poor consumer sentiment. The 650 Twins model continue to do extremely well in India as well as across international markets and has a waiting period of 3-4 months. The company is working on building a network of compact retail format studio stores to reinforce the distribution network across smaller towns and cities in India. The management plans to open up 350 studio stores during H1FY20. The company will be introducing new motorcycle variants in the coming months. Royal Enfield continued to strengthen its presence in international markets during 1QFY20. The company entered South Korea by launching its first exclusive store in Seoul, and also added two new stores in Brazil, and one each in Argentina, Indonesia and Vietnam. During the 1QFY20, the Interceptor and the Continental GT 650 were launched in Indonesia, Vietnam and Malaysia and have been received extremely well.   VECV In the CV industry, sales have been low due to the weak demand on account of economic slowdown, increase in fuel prices, lower availability of loads and consequently low replacement demand and it is also witnessing heavy discounting. The management expects some pick up to happen from September with the onset of the festive season and also anticipate seeing some positive impact of pre-buying with BS VI norms becoming applicable from 1st April 2020. The VECV unveiled the Eicher Pro 2000 series during the quarter which is India’s first BS VI compliant range of CV’s. VECV sold 13331 trucks and buses in 1QFY20, registering a decline of 18% YoY. VECV’s revenue was Rs. 2,255 crores down 14% YoY. EBITDA declined by 48% YoY to Rs. 125 crores while PAT declined by 68% YoY to Rs. 38 crores. Other Highlights The company has added 13 dealers during the quarter with a total 958 dealers in India and internationally it has added 6 exclusive stores with a total count of 48 stores. The raw material cost benefits on margins are expected to be seen in Q2FY20 and Q3FY20. Phase II of the Vallam Vadgal plant is expected to get commissioned by 2HFY20. Inventory level for Royal Enfield and VECE both stands at 30 days.
SubjectQ1FY20 EARNING CONFERENCE CALL

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