External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onEicher Motors EIM consolidated revenue for Q4FY24 grew by 11.9% YoY which was 1.8% higher than PLe while it was 1.1% below consensus estimate.</li><li>The growth in revenue was driven by mix improvement in 350+cc segment (+167bps YoY) while the refresher of Bullet/Himalayan also aided in the growth.</li><li>Consequently, ASP grew by 5% YoY/3.6% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onEicher Motors EIM consolidated revenue for Q4FY24 grew by 11.9% YoY which was 1.8% higher than PLe while it was 1.1% below consensus estimate.The growth in revenue was driven by mix improvement in 350+cc segment (+167bps YoY) while the refresher of Bullet/Himalayan also aided in the growth.Consequently, ASP grew by 5% YoY/3.6% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors (EIM IN) - Strong ASP Growth Led by Improvement in Mix

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 550, owing to the risk of (1) lower auto-fuel marketing margins and (2) moderation in refining margins</li><li>Q4FY24 EBITDA stood at INR 92.1bn and reported PAT at INR 42.2bn, coming in below our estimate</li><li>Impairment loss of INR 18bn, lower refining margins, higher other expenses and inventory loss impacted earnings</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Petroleum Corporation: We maintain our REDUCE rating on Bharat Petroleum (BPCL), with a target price of INR 550, owing to the risk of (1) lower auto-fuel marketing margins and (2) moderation in refining marginsQ4FY24 EBITDA stood at INR 92.1bn and reported PAT at INR 42.2bn, coming in below our estimateImpairment loss of INR 18bn, lower refining margins, higher other expenses and inventory loss impacted earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bharat Petroleum Corporation, Eicher Motors

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>New Product Launches including EV in the offing: Multiple new products are slated to be launched in FY25 and the management strongly believes that each vehicle will have the potential to become a market leader in their own segments.</li><li>The company is working on an electric motorcycle (on the Him-E platform) and expects to launch a vehicle in CY25. </li><li>International market: Due to the unfavourable macroeconomic situation, industry growth has been stagnant/declining in the international markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New Product Launches including EV in the offing: Multiple new products are slated to be launched in FY25 and the management strongly believes that each vehicle will have the potential to become a market leader in their own segments.The company is working on an electric motorcycle (on the Him-E platform) and expects to launch a vehicle in CY25. International market: Due to the unfavourable macroeconomic situation, industry growth has been stagnant/declining in the international markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eicher Motors - Strong Q4FY24 Amidst Rising Competition

<ul><li>Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).</li><li>The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.</li><li>The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Autos: Q4 preview - Premiumisation is the way to go

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)